NEW YORK ( TheStreet) -- The U.S. Treasury Department will soon see bailout funds come pouring back in from other big financial firms once it finishes selling its last common stock holdings of Citigroup ( C) this week. American International Group ( AIG) appears to be next on the government's agenda, with a stock offering coming as soon as March. On Sept. 30, the government and AIG announced plans to transfer a $50 billion preferred stock investment into 1.65 billion shares of common stock. The Treasury will recoup its investment by selling that 92% stake in tranches over time, similar to its approach with Citi. "We hope to be able to go to the market with a public offering of AIG this spring, but we have work to do to make that happen," says spokesman Mark Herr. "We are working as diligently as we can to achieve this as quickly as possible, subject to market conditions. We remain committed to executing the steps and meeting all conditions in the recapitalization agreement as soon as possible." Additionally, the Treasury has $49.4 billion invested in dozens of small-to-medium sized banks around the country. Some of them, like SunTrust ( STI), a regional bank that operates largely in the Southeast, are awaiting the outcome of a Federal Reserve review of their capital plans.
Management believes that once the Fed signs off on those plans, which must be turned in by Jan. 7, SunTrust will be ready to repay the $4.85 billion it received from Troubled Asset Relief Program (TARP). "We believe TARP repayment is now wrapped up with SCAP 2," CEO James Wells said at a conference on Tuesday, using an acronym for the Fed's second set of stress tests. According to the Treasury Department's most recent TARP transactions report, the other banks that still owe the biggest bailout debts are Regions Financial ( RF), which owes $3.5 billion; Fifth Third ( FITB), which owes $3.4 billion; KeyCorp ( KEY), which owes $2.5 billion; Marshall & Ilsley ( MI), which owes $1.7 billion; Zions ( ZION) and Huntington Bancshares ( HBAN), which each owe $1.4 billion apiece; Synovus Financial ( SNV), which owes $968 million; Popular ( BPOP), which owes $935 million, First Horizon ( FHN), which owes $867 million and M&T Bank ( MTB), which owes $751.5 million. -- 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: email@example.com.