This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Six Banks Repay TARP

NEW YORK ( TheStreet) - The U.S. Treasury Department announced on Wednesday that six banks had repaid $2.7 billion in bailout money they had received through the Troubled Assets Relief Program, or TARP.

  • Huntington Bancshares of Columbus Ohio fully redeemed $1.4 billion in preferred shares held by the government, following the holding company's $920 million common stock offering completed last week. CEO Stephen Steinour discussed the offering in an exclusive Q&A with TheStreet.
  • First Horizon National (FHN - Get Report) of Memphis, Tenn. also fully exited TARP, repurchasing $867 million in preferred shares that were held by the government. The company had recently raised a combined $750 million in common equity and debt.
  • Susquehanna Bancshares (SUSQ - Get Report) of Lititz, Pa., completed its TARP repayment, redeeming the last $100 million of the total $300 million in bailout funds received from the government. The company had repaid $200 million in April.
  • Wintrust Financial (WTFC - Get Report) of Lake Forest, Ill. fully redeemed its $250 million preferred shares held by the government to exit TARP.
  • Heritage Financial (HFWA - Get Report) of Olympia, Wash. also exited TARP, redeeming a total of $24 million in preferred shares held by the government.
  • Bank of Kentucky Financial (BKYF - Get Report) of Kenton partially repaid the government, repurchasing $17 million in preferred shares held by the Treasury and said it would continue paying dividends on its remaining $17 million in bailout funds.

The bank holding company with the largest outstanding amount of preferred shares held by the government is SunTrust Banks (STI - Get Report) of Atlanta, which owes $4.85 billion in TARP money, followed by Regions Financial (RF - Get Report) of Birmingham, Ala., which owes the government $3.5 billion.


-- Written by Philip van Doorn in Jupiter, Fla.

To contact the writer, click here: Philip van Doorn.

To follow the writer on Twitter, go to

To submit a news tip, send an email to:

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
BKYF $48.00 0.00%
FHN $14.39 0.00%
HBAN $10.96 0.00%
HFWA $16.09 0.00%
RF $9.70 0.00%


DOW 18,288.63 +155.93 0.86%
S&P 500 2,117.39 +12.89 0.61%
NASDAQ 5,008.0960 +44.5690 0.90%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs