Ten banks allowed to repay TARP funds - Phoenix Business Journal:

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The Treasury Department did not name the 10 but said they were beinfg approved for early repayment of the federal bailour funds under the Troubled Assert ReliefProgram (TARP) because the so-called stress tests performed by the governmentf revealed they were healthy enough to pay back the The department said the institutions have met the requirementd for repayment established by federal bankingf supervisors.
It noted that many banks recentl have raised equity capital from private investorzs and haveissued long-term debt that is not guaranteed by the “These repayments are an encouraging sign of financiakl repair, but we still have work to Treasury Secretary Tim Geithner More than 600 banks received a totalp of nearly $200 billion through the department’s Capitak Purchase Program. About $2 billion of this money was paid back Underthe program, banks that repay their preferred stocik can repurchase the warrantz that the Treasury Department holds. Besidees the proceeds from the sales of the the department also hasreceived $4.
5 billiobn in dividend payments from program Proceeds from the repayments to go the Treasury Department’zs general fund. They can be used to reducre the national debt and can servew as a cushion in case the department needz to respond to financial emergencies in the thedepartment said. The list of 10 banks was not publicly but many of the banks confirmed separatelyt in press releases that they receiveds approval to buy back preferred shares sold to thefederak government, including two banks with sizable Milwaukee-are presences: (NYSE: USB) and J.P. Morgan Chase JPM). U.S. Bank was cleared to repay $6.
6 billionn in TARP funds and Chase was approvefd to repayall $25 billiojn in TARP funds it received. Locally baser banks that received TARP funds include and of of Menomonee Falls andin Brookfield. the Milwaukee-area's largest bank, was not among the list of 10 bankss approved to repay its TARP according tomedia reports. M&jI said in May that it began to sell stocko in a sale that could raiswe as muchas $350 million in proceeds, part of whicg the bank said it may use to repay a portionh of the $1.7 billion capital infusiojn it received in November 2008 under TARP if approvecd by regulators.