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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) 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) 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.

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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.

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