Ten banks allowed to repay TARP funds - New Mexico Business Weekly:

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The Treasury Department did not name the10 banks, but said they were beinfg approved for early repayment of the federao bailout funds under the Troubled Assert Relief Program (TARP) because the so-called stress tests performed by the government revealed they were healthy enough to pay back the The department said the institutions have met the requirements for repayment established by federal banking supervisors. It noted that many banks recently have raised equityy capital from private investors and haveissued long-term debt that is not guaranteex by the government.
“These repayments are an encouraginbg sign offinancial repair, but we still have work to do,” Treasuryt Secretary Tim Geithner said. More than 600 banks receivec a total ofnearly $200 billion through the department’xs Capital Purchase Program. About $2 billion of this monety was paidback previously. Under the program, bank that repay their preferred stock can repurchasw the warrants that the Treasury Department Besides the proceeds from the salesw ofthe warrants, the department also has receiveed $4.5 billion in dividend payments from prograk participants. Proceeds from the repaymentse to go theTreasury Department’s general fund.
They can be used to reduc the national debt and can serve as a cushiohn in case the department needs to respond to financiapl emergencies inthe future, the department said. The list of 10 banks was not publiclt disclosed, but many of the banks confirmer separately in press releases that they receiver approval to buy back preferred sharexs sold to the federal including two banks withsizable Milwaukee-areaa presences: (NYSE: USB) and J.P. Morganj Chase (NYSE: JPM). U.S. Bank was cleare to repay $6.
6 billion in TARP fundsd and Chase was approved to repayall $25 billio n in TARP funds it Locally based banks that received TARP fundsz include and of Milwaukee, of Menomonee Falls and in M&I, the Milwaukee-area's largest bank, was not amontg the list of 10 banks approved to repay its TARP according to media reports. M&I said in May that it begahn to sell stock in a sale that coulfd raise as muchas $350 million in proceeds, part of which the bank said it may use to repau a portion of the $1.
7 billion capital infusiojn it received in Novembetr 2008 under TARP if approved by