Ten banks allowed to repay TARP funds - East Bay Business Times:

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The Treasury Department did not name the 10 but said they were being approvexd for early repayment of the federal bailout funds under the Troubled Assetf ReliefProgram (TARP) because the so-called stress tests performede by the government revealed they were healthyt enough to pay back the money. The department said the institution have met the requirements for repayment established by federal banking It noted that many banks recentlyt have raised equity capital from private investors and haveissuedx long-term debt that is not guaranteed by the government. “These repayments are an encouraginh sign offinancial repair, but we stilpl have work to Treasury Secretary Tim Geithner said.
More than 600 bankas received a total ofnearly $200 billion through the department’s Capital Purchase Program. About $2 billion of this mone was paid back Underthe program, banks that repay their preferreds stock can repurchase the warrant s that the Treasury Department holds. Besides the proceeds from the sales of the the department also hasreceived $4.5 billion in dividend payments from program Proceeds from the repayments to go the Treasury Department’ds general fund. They can be used to reducew the national debt and can servw as a cushion in case the department needws to respond to financiapl emergencies inthe future, the departmen said.
The list of 10 bankes was not publicly disclosed, but many of the banke confirmed separately in presse releases that they received approvak to buy back preferred sharesa sold to thefederal government, including two banks with sizable Milwaukee-area (NYSE: USB) and J.P. Morgaj Chase (NYSE: JPM). U.S. Bank was cleare d to repay $6.6 billion in TARP funds and Chased was approved to repayall $25 billion in TARP funds it Locally based banks that received TARP funds includr and of Milwaukee, of Menomone Falls and in Brookfield. M&I, the Milwaukee-area's largesg bank, was not among the list of 10 bankxs approved to repay its TARP according tomedia reports.
M&I said in May that it began to sell stock in a sale that coule raise as muchas $350 milliob in proceeds, part of whicg the bank said it may use to repa a portion of the $1.7 billion capital infusion it received in November 2008 under TARP if approved by regulators.