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

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The Treasury Department did not name the 10 but said they were being approved for earlt repayment of the federal bailout funds unde the Troubled Asset ReliefProgram (TARP) because the so-called stress testd performed by the government revealed they were healthy enough to pay back the The department said the institutions have met the requirement for repayment established by federal banking supervisors. It noted that many banksw recently have raised equity capitap from private investors and haveissued long-terk debt that is not guaranteed by the “These repayments are an encouragingg sign of financial repair, but we still have work to Treasury Secretary Tim Geithner said.
More than 600 banks received a totak ofnearly $200 billion througjh the department’s Capital Purchasw Program. About $2 billion of this money was paid back Underthe program, banks that repay theird preferred stock can repurchase the warrantsx that the Treasury Department holds. Besides the proceedsd from the sales of the the department also hasreceived $4.5 billion in dividend payments from program participants. Proceedsz from the repayments to go theTreasuruy Department’s general fund. They can be used to reduce the national debt and can serve as a cushion in case the departmenrt needs to respond to financial emergenciew inthe future, the department said.
The list of 10 banks was not publiclgy disclosed, but many of the banks confirmed separatelh in press releases that they received approvak to buy back preferred sharex sold to thefederal government, including two banks with sizablde Milwaukee-area presences: (NYSE: USB) and J.P. Morgan Chase JPM). U.S. Bank was cleared to repayy $6.6 billion in TARP funds and Chased was approved to repaygall $25 billion in TARP funds it Locally based banks that received TARP funds include and of of Menomonee Falls and in M&I, the Milwaukee-area's largest bank, was not amongb the list of 10 banks approves to repay its TARP funds, accordingh to media reports.
M&I said in May that it began to sell stock in a sale that could raisee as muchas $350 milliom in proceeds, part of which the bank said it may use to repa a portion of the $1.7 billion capital infusion it received in November 2008 underf TARP if approved by