Half-Dozen Banks Repay TARP

WASHINGTON ( TheStreet) -- The U.S Treasury Department announced on Wednesday that six more banks had repaid the government bailout money received through the Troubled Assets Relief Program, or TARP.

The six banks paid the government a total of $626 million. The Treasury also said that out of $389 billion disbursed through TARP, the government had received repayments of $235 billion plus dividends and other payments totaling $35 billion, for a grand total of $270 billion.

Banks repaying the government on Wednesday included:
  • East West Bancorp (EWBC) of Pasadena, Calif. exited TARP by fully repaying the government $306.5 million plus dividends of $1.9 million.
  • Webster Financial (WBS) of Waterbury, Conn. completed its TARP repayment by redeeming the $200 million in remaining preferred shares held by the government, plus dividends of $1.2 million. The company had previously repaid $100 million in march and another $100 million in October.
  • 1st Source Corporation (SRCE) of South Bend, Ind. fully exited TARP, repaying the government $111 million, plus dividends of $678 thousand.
  • Surrey Bancorp of Mount Airy, N.C. fully exited TARP, repaying the government $2 million plus dividends $12,222. The company also repurchased $100,000 in preferred shares the government obtained by exercising warrants, plus another $1,100 in dividends.
  • Nationwide Bankshares of West Point, Neb. fully exited TARP, repaying the government $2 million plus dividends of $18,822. The company also repurchased $100,000 in preferred shares the government obtained by exercising warrants, plus another $1,687 in dividends.
  • Haviland Bancshares of Haviland, Kan. repaid $425 thousand to fully exit TARP, plus $2,597 in dividends. The company also paid the government $21,000 to redeem preferred shares the Treasury had obtained by exercising warrants.

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

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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 TheStreet.com 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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