Wednesday, August 31, 2011

Chase among 10 banks to repay TARP funds - San Francisco Business Times:

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The Treasury Department didn’t publicly disclose the 10 banks, but said they were bein g approved for early repayment of federal fundsa received under the Troubled Asset Relief Progranm becausethe so-called stress tests performee by the government revealed they were healthy enough to pay back the Shortly after the announcement, New York-based Chaser (NYSE:JPM), Central Ohio’s second-largest bank, confirmed it receive d a preliminary OK to pay back the TARP money. The compant said it plans to repaythe $25 billiohn federal investment along with dividends at a closinh date to be set by the Treasurh Department.
Minneapolis-based (NYSE:USB), one of Central Ohio’s 10 largest banks, also confirmed federal approva torepay TARP. The company said it will repay $6.6 billioh in preferred stock it issuedc to the government and intends to buy backa 10-year warrant issued with the Other banks that identified themselvese Tuesday as having received approval include: (NYSE:BBT), (NYSE:COF) and

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