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) 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) 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) of Lake Forest, Ill. fully redeemed its $250 million preferred shares held by the government to exit TARP.
- Heritage Financial (HFWA) of Olympia, Wash. also exited TARP, redeeming a total of $24 million in preferred shares held by the government.
- Bank of Kentucky Financial (BKYF) 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) of Atlanta, which owes $4.85 billion in TARP money, followed by Regions Financial (RF) 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 http://twitter.com/PhilipvanDoorn. To submit a news tip, send an email to: email@example.com.
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