Updated from MondayNEW YORK ( TheStreet) -- The Treasury Department said late Monday it sold its remaining 2.4 billion shares in Citigroup ( C) for $4.35 a share, or $10.5 billion. The stock closed Monday at $4.45. With the proceeds from the sale, Treasury said it made a profit of $12 billion on its $45 billion investment in the bank. "By selling all the remaining Citigroup shares today, we had an opportunity to lock in substantial profits for the taxpayer and avoid future risk," said Tim Massad, the Treasury official who heads up the bailout program.
Citigroup, in a statement, said it was "pleased that the U.S. Department of the Treasury has finalized plans to exit from its remaining holdings of Citigroup common stock. We are very appreciative of the support provided by the UST during the financial crisis." The U.S. government propped up Citigroup with $45 billion in taxpayer support late in 2008 in one of the largest bailouts undertaken by the government. >>Read More: Citi Stock Eyes $5 (And More) Morgan Stanley ( MS) was the bookrunning manager for the Treasury's Citi stock offering. -- Written by Lauren Tara LaCapra in New York. >To contact the writer of this article, click here: Lauren Tara LaCapra. >To follow the writer on Twitter, go to http://twitter.com/laurenlacapra. >To submit a news tip, send an email to: firstname.lastname@example.org.