tatyanagepoji.blogspot.com
is selling millions in stock to pay off debt on localo realestate ventures. Loudermilk sold nearly 1 millionof Aaron’z common shares within the last two generating roughly $28.5 million in proceeds, accordinh to filings. The sales are Loudermilk’sw largest stock transactions in years, the filings show. While Loudermilk still retains a largre controlling interest in the company he foundes through his holdingsof 4.7 milliojn class A shares, the common stockl sales reduced his ownership of class A votingf stock by 6 The common stock sales come as Aaron’e common shares (NYSE: AAN) are flyingf high. The rent-to-own company’s common share s have jumped 66 percentsincw Jan.
1, 2008, from $18.81 per share to well abovwe $31 per share as of press time May 27. Aaron’sa is one of the few Georgia companies whose stoci has appreciated amidst the worst bear market in Loudermilk isn’t alone in selling Aaron’s shares. Duringg the last year, Aaron’es directors and executives executeed 41 transactions involvingcompany stock, according to SEC Forty of those were stock Loudermilk’s share sales are driven by the historicf economic climate, he told .
The newfounx cash is being used exclusively to repa y the outstanding loans on apartment parking lots and other real estatw ventures he ownsthroughout “Every dollar is going into real paying off outstanding debt,” Loudermiljk said. The push to repay the debt, he said, is drivenb by his desire to hold on to what he considers “prime” real estate sites that currently aren’t generating any and — with value s that collapsed along with real estate citywidre — he would be unable to resell at a profit. “I just don’tf like debt,” said Loudermilk, who noted he owns each of hishomesw debt-free.
“I’m not comfortable with it and Ijust don’ know what will happen next, but we believs these properties can be profitable long-term.” Loudermilkl plans to repay two-thirds of the total debt on properties he owns throughout the He did not disclose the precise amount that will be ultimatel y be repaid. One specific properth whose debt will be repaid will be the in Loudermilk said. Loudermilk and his son, Aaron’s CEO Robibn Loudermilk, re-acquired the theater from Holdings LLC in Marcgh 2008for $8 million.
Loudermilik said $3 million will be used to completee the renovations of the and anadditional $8 million to $9 millio n will be used to repay the debt for that site and the adjacenr parking lot, also owned by the Property records indicate Loudermilk has a $6 millio loan maturing in March 2010 on the theater. The neighborin g parking lot and theater are the archetype for what Loudermilk described as “non-income-producing” properties. Initially, Loudermilkm planned to build a 15- to 270-room hotel on the site, after purchasing the site back from Novare Group earlylast year. But thos e plans were scrapped as the economy soured and progress on other nearbydevelopments slowed.
Loudermilk is quickj to defend hisstock sales, saying they are unrelate d to his belief in the short- and long-term succeszs of the company he founded in 1962. “uI know how this looks to outsiders,” he “I wish I couldr keep it all, no question. But I’m not blowin it on boats or new houses or somethinglike I’m putting it into assets.” The debt repaymentg has come with a cost for Though still the largest Aaron’s shareholder, controlling 57 percenyt of the company’s class A common which have voting rights, the stock sale representes a 6 percent dip in Loudermilk’s ownershil of the company. He now controls 4.
7 million sharesx of class A common stock, and 249,00 shares of non-voting common stock. He hasn’t ruled out furthe r sales. “If I own 5 percent of the company’s stock and stil l hold all of the realestats we’ve acquired at the end of this I’d tell you I’d be happy with Loudermilk said.
Friday, November 30, 2012
Wednesday, November 28, 2012
City tweets to curb tourist drop-off - Nashville Business Journal:
zvonkovaleoqim.blogspot.com
Hotel consultant Drew Dimond expects hotels in Greater Nashville to see occupancty plummet 15 percent to 20 percent fromlast year’ levels. But the is battlintg the decline, in hopes of keepinh any occupancy drop-off below 5 percent. Bureau stafr is Twittering, Facebooking and sending out e-blast s to announce free stuffto do, last-minute travel deals, CMA Music Festival updates and attractions specials. “We certainlhy don’t think it’s going to be some great saysButch Spyridon, president of the visitors “If we were flat to last I’d be ecstatic. I expect that we will be down slightly.
” Spyridobn hopes the value of Nashville will draw visitorx because ofthe city’s wealth of live, around-the-clock music. has brought back its free music poolsidse and isoffering “kids eat free” inside the hote for the first time this summer. “Af every touchpoint, we’re creating events, promoting and marketing and addingb extra valuewith events,” Spyridon says, such as offering flight-hotel packages when touted $49 flights to Nashville durint a one-day sale in April.
The Nashville Symphonu has half-price tickets for select shows, the Countr y Music Hall of Fame has been givingout $5 off coupon s through June 7, and Gaylorf is offering four-night hotel and attractions packages at 40 percentg off. Keith Wright, president of the , says attractions are sweetening discountz this summer and focusing onthe drive-i n market. “Regional tourism has become extremely importantto us, and we are marketingh more to that audience,” he says. Nashville’z biggest months for tourismj are Juneand October, mainly becausre of the CMA Music Festival that pumps $25 million into the city every June.
Officials at the would not say how tickett sales are going forthis summer’se festival, which kicks off next October is a popular convention month becaused of the fall weather. Nashville tourism has been hit inreceny months. In April, the average nightly hoteol ratedropped 6.3 percent to $92.86 from $99.05 in the same monthy last year, according to Smith Travel Research in Hendersonville. Hotel occupancgy plunged 15 percent in Aprilto 56.9 down from 67 percent a year ago. Revenuew per available room, a key metrixc for hoteliers, was down 20.5 percent in April. The amoungt of attendees for booked conventions this summer is down abou t 24 percent fromlast year.
Nashville’xs hospitality industry, however, is outperforminy much of the rest of the For the first quarterof Nashville’s average daily rate droppeds 4.5 percent. Only five citiesa did better, and 19 of the top 25 markets did The decline in hotel tax collections is greate than the dropin occupancy, whichy shows tourists are coming but choosinf less expensive hotels, says Walt Baker, executive directod of the . Nashville’s hotel occupancyu dropped 11.6 percent in the first quartert compared to theyear before, a drop that registered eighty best among the top 25. Travell has continued to descend atthe , nearin 2005 levels, says airport spokeswoman Emily Richards.
Passengetr counts were down 9.5 percent in Aprilo as compared to theyear before, and down 9.3 percent in the first four months of the
Hotel consultant Drew Dimond expects hotels in Greater Nashville to see occupancty plummet 15 percent to 20 percent fromlast year’ levels. But the is battlintg the decline, in hopes of keepinh any occupancy drop-off below 5 percent. Bureau stafr is Twittering, Facebooking and sending out e-blast s to announce free stuffto do, last-minute travel deals, CMA Music Festival updates and attractions specials. “We certainlhy don’t think it’s going to be some great saysButch Spyridon, president of the visitors “If we were flat to last I’d be ecstatic. I expect that we will be down slightly.
” Spyridobn hopes the value of Nashville will draw visitorx because ofthe city’s wealth of live, around-the-clock music. has brought back its free music poolsidse and isoffering “kids eat free” inside the hote for the first time this summer. “Af every touchpoint, we’re creating events, promoting and marketing and addingb extra valuewith events,” Spyridon says, such as offering flight-hotel packages when touted $49 flights to Nashville durint a one-day sale in April.
The Nashville Symphonu has half-price tickets for select shows, the Countr y Music Hall of Fame has been givingout $5 off coupon s through June 7, and Gaylorf is offering four-night hotel and attractions packages at 40 percentg off. Keith Wright, president of the , says attractions are sweetening discountz this summer and focusing onthe drive-i n market. “Regional tourism has become extremely importantto us, and we are marketingh more to that audience,” he says. Nashville’z biggest months for tourismj are Juneand October, mainly becausre of the CMA Music Festival that pumps $25 million into the city every June.
Officials at the would not say how tickett sales are going forthis summer’se festival, which kicks off next October is a popular convention month becaused of the fall weather. Nashville tourism has been hit inreceny months. In April, the average nightly hoteol ratedropped 6.3 percent to $92.86 from $99.05 in the same monthy last year, according to Smith Travel Research in Hendersonville. Hotel occupancgy plunged 15 percent in Aprilto 56.9 down from 67 percent a year ago. Revenuew per available room, a key metrixc for hoteliers, was down 20.5 percent in April. The amoungt of attendees for booked conventions this summer is down abou t 24 percent fromlast year.
Nashville’xs hospitality industry, however, is outperforminy much of the rest of the For the first quarterof Nashville’s average daily rate droppeds 4.5 percent. Only five citiesa did better, and 19 of the top 25 markets did The decline in hotel tax collections is greate than the dropin occupancy, whichy shows tourists are coming but choosinf less expensive hotels, says Walt Baker, executive directod of the . Nashville’s hotel occupancyu dropped 11.6 percent in the first quartert compared to theyear before, a drop that registered eighty best among the top 25. Travell has continued to descend atthe , nearin 2005 levels, says airport spokeswoman Emily Richards.
Passengetr counts were down 9.5 percent in Aprilo as compared to theyear before, and down 9.3 percent in the first four months of the
Monday, November 26, 2012
Southwestern Carpets grows business from the ground up - Dallas Business Journal:
sucujovide.wordpress.com
Bill McCaddon has stripped Southwestern Carpetx down and recreated it a couple of times since purchasing it from Don Lynchin 2001. When he bought the floorinhg company, it specialized in removing and replacing carpete in apartments between rental The Lewisville company was producing annual revenueof $5 million, but McCaddoh found the business too impersonal because it was driven by product salee and not on building relationships with customers.
So he decided to switcnh focus to themore relationship-centric business of providing flooring solutions to new home-construction projects, whicgh includes hardwood floors, carpeting, and backsplash and tile The wholesale company saw dramatic growth as a result, with annual revenue of $22 million in 2007. But the growtjh was so rapid and so intensw that managers were losing control of the direction the companhywas heading. So in 2008, he enlistec Don Brush, a consultant with The Renovaa Corp.
, to help bring new energy to his McCaddon’s sense of direction and leadership abilities come from his experience asa manufacturer’xs representative for 18 years at companies like Shaw Carpet Manufacturerf and Aleta Co. He had learneed the importance of building relationshipswith clients. “Myg background was in working withnew homebuilders. The apartment business was non-relationship driven,” said “I didn’t know how to build a busines that wasn’t relational.” McCaddon downsized the company to redirect the focus tothe home-construction industry.
He was met with resistance fromhis “I realized that using the same employeess wasn’t going to work. I was trying to halfwayy do the change,” he said. “Once we made the commitment, we reallgy turned the corner.” He began switching out personnel. The company, whicg had grown annual revenuseto $5 million, saw revenue drop to underd $3 million during the transition. But, once the commitmenty was made, McCaddon noted marked By 2003, revenue had grown by 35%. Betweenh 2004 and 2008, the company went througbh its biggest growth reaching upto $22 million in sales and employint more than 60 workers. But at that time, the storybook growth came to an end.
“Ity was getting to be chaotic becausr of so manynew staff. We were an 8-cylinder enginde working on six orseven We’d lost a sense of teamwork, and everyone was territorial.” That’zs when McCaddon brought in Brush. “For the most I engage them and talk with them in order to buileda relationship. I wanted to find out the strength of the company and what was workinyg and what needed said Brush. “They’ve got the dreams; they’ver got the vision.
It’s just giving them the Brush met with employees to figure out areas that needeed improvement and then created an action He showed the company how to creatd committees to address problems as they come up and then dissolve the committeesd after the problem hasbeen handled. The shif has translated into happier Bill Darling, president and co-owner of Darlinh Homes Inc., has worked with McCaddon since McCaddobn purchased Southwestern Carpets in 2001. “(Wde started working with Southwestern Carpets) becauswe of Bill and his relational approach to workingb with homebuilders as opposed to thetraditionak price-only approach,” said Darling.
“Brush has helped Bill figurew out how to communicatde better so that everyone is going in the same direction as the management and will yield themaximum impact.” For Chris operations manager for Southwestern the change in the corporate culture has been noticeable. “Sometimes you don’tf realize that when one department changes theirf policiesand procedures, it affects others. Now everyone talkws to each other,” McCoppin said. “We’ve empowered them to make We gave them the power to runthe business.
They feel With this new senseof empowerment, as well as an improved use of digitizing software called Measure, Southwesterm Carpets has seen a markedx improvement on the accuracy of the 3,00p work orders entered each month 95% accuracy, up from 77% accuracyh — and has saved about $160,000 in unnecessary costsd for having to fix incorrect work Instead of pursuing potential clients merely for the sake of new McCaddon and his staff focus on gettingt to know potential clients, researchinyg them as much as possible and understanding their needs beforwe they even meet. “We’lo only do business with people who will sit down and have a relationshi pwith us.
Someone is alwaye going to come inlower (priced) than said McCaddon. “We were alwayws chasing people who were focuseeon price. If they say, fax us (a price sheet), we say we can’t work with you. We stay together as a result. If you have the value relationship, they don’r leave.”
Bill McCaddon has stripped Southwestern Carpetx down and recreated it a couple of times since purchasing it from Don Lynchin 2001. When he bought the floorinhg company, it specialized in removing and replacing carpete in apartments between rental The Lewisville company was producing annual revenueof $5 million, but McCaddoh found the business too impersonal because it was driven by product salee and not on building relationships with customers.
So he decided to switcnh focus to themore relationship-centric business of providing flooring solutions to new home-construction projects, whicgh includes hardwood floors, carpeting, and backsplash and tile The wholesale company saw dramatic growth as a result, with annual revenue of $22 million in 2007. But the growtjh was so rapid and so intensw that managers were losing control of the direction the companhywas heading. So in 2008, he enlistec Don Brush, a consultant with The Renovaa Corp.
, to help bring new energy to his McCaddon’s sense of direction and leadership abilities come from his experience asa manufacturer’xs representative for 18 years at companies like Shaw Carpet Manufacturerf and Aleta Co. He had learneed the importance of building relationshipswith clients. “Myg background was in working withnew homebuilders. The apartment business was non-relationship driven,” said “I didn’t know how to build a busines that wasn’t relational.” McCaddon downsized the company to redirect the focus tothe home-construction industry.
He was met with resistance fromhis “I realized that using the same employeess wasn’t going to work. I was trying to halfwayy do the change,” he said. “Once we made the commitment, we reallgy turned the corner.” He began switching out personnel. The company, whicg had grown annual revenuseto $5 million, saw revenue drop to underd $3 million during the transition. But, once the commitmenty was made, McCaddon noted marked By 2003, revenue had grown by 35%. Betweenh 2004 and 2008, the company went througbh its biggest growth reaching upto $22 million in sales and employint more than 60 workers. But at that time, the storybook growth came to an end.
“Ity was getting to be chaotic becausr of so manynew staff. We were an 8-cylinder enginde working on six orseven We’d lost a sense of teamwork, and everyone was territorial.” That’zs when McCaddon brought in Brush. “For the most I engage them and talk with them in order to buileda relationship. I wanted to find out the strength of the company and what was workinyg and what needed said Brush. “They’ve got the dreams; they’ver got the vision.
It’s just giving them the Brush met with employees to figure out areas that needeed improvement and then created an action He showed the company how to creatd committees to address problems as they come up and then dissolve the committeesd after the problem hasbeen handled. The shif has translated into happier Bill Darling, president and co-owner of Darlinh Homes Inc., has worked with McCaddon since McCaddobn purchased Southwestern Carpets in 2001. “(Wde started working with Southwestern Carpets) becauswe of Bill and his relational approach to workingb with homebuilders as opposed to thetraditionak price-only approach,” said Darling.
“Brush has helped Bill figurew out how to communicatde better so that everyone is going in the same direction as the management and will yield themaximum impact.” For Chris operations manager for Southwestern the change in the corporate culture has been noticeable. “Sometimes you don’tf realize that when one department changes theirf policiesand procedures, it affects others. Now everyone talkws to each other,” McCoppin said. “We’ve empowered them to make We gave them the power to runthe business.
They feel With this new senseof empowerment, as well as an improved use of digitizing software called Measure, Southwesterm Carpets has seen a markedx improvement on the accuracy of the 3,00p work orders entered each month 95% accuracy, up from 77% accuracyh — and has saved about $160,000 in unnecessary costsd for having to fix incorrect work Instead of pursuing potential clients merely for the sake of new McCaddon and his staff focus on gettingt to know potential clients, researchinyg them as much as possible and understanding their needs beforwe they even meet. “We’lo only do business with people who will sit down and have a relationshi pwith us.
Someone is alwaye going to come inlower (priced) than said McCaddon. “We were alwayws chasing people who were focuseeon price. If they say, fax us (a price sheet), we say we can’t work with you. We stay together as a result. If you have the value relationship, they don’r leave.”
Saturday, November 24, 2012
Hot Leads: Startups, expansions, moves, and new products and services - Tampa Bay Business Journal:
efimtsovavadan.blogspot.com
• will open a 25,000-square-foot storee at 3929 Tampa Road, Oldsmar. It will carryh furniture, household items and more than 80,000o pieces of clothing. The stores also will feature a drive-through donation lane. For more information call 792-6092. • Anthony’s Coal Fired Pizzza opened at 2532 McMullenBooth Road, It is the company’s second locatio in the Tampa Bay area. The restaurant bakess its pizzaswith coal-burning ovens. For more information call (727) 797-0929. • relocated its office to the ComCentere facility at 9040 TownCenter Parkway, Suit 101, Lakewood Ranch.
The new facility has multiplreconference rooms, training rooms, and front desk and telephone An open house is scheduled for June 24. For more informatiobn call (941) 358-7065.
• will open a 25,000-square-foot storee at 3929 Tampa Road, Oldsmar. It will carryh furniture, household items and more than 80,000o pieces of clothing. The stores also will feature a drive-through donation lane. For more information call 792-6092. • Anthony’s Coal Fired Pizzza opened at 2532 McMullenBooth Road, It is the company’s second locatio in the Tampa Bay area. The restaurant bakess its pizzaswith coal-burning ovens. For more information call (727) 797-0929. • relocated its office to the ComCentere facility at 9040 TownCenter Parkway, Suit 101, Lakewood Ranch.
The new facility has multiplreconference rooms, training rooms, and front desk and telephone An open house is scheduled for June 24. For more informatiobn call (941) 358-7065.
Friday, November 23, 2012
Jacksonville
moffaiqohegesa1490.blogspot.com
The recession helped push morethan 3,0000 trucking companies out of business nationwid in 2008, and the most expensive diesel priceds in history — as high as $4.75 per gallon didn’t help, either. Increased profits from hauling Florida’s summerr produce could give companiessome relief, but companies that drop their existing customers for the more profitabl e produce hauls risk being said Ike Sherlock, The Grimeas Cos. vice president. The prospect of earning $3.5p0 per mile hauling produce instead of thesteady $1 per mile loadss can be tempting. “It’s like jumping for the pretthy girl and leavingyour standby,” Sherlocj said.
“But many times your old lady won’t take you back.” Larger truckinvg companies suchas Grimes, and said they will be OK becausee they can pass on the majority of their increasee fuel costs to customers through fuel surcharges. Most of the cost the companiews have to eat are for travellintg done whendrivers aren’t hauling goods but are heading to and from home or to theirf next assignment.
Some small truckingh companies’ lack of a fuel surchargwe system in their contracts hurts even more since crediyt is so tight for some that they have to pay cash at the Sherlock fears that many companiezs will cut costs by putting off repairs and thus making the roadwaysmore dangerous. By buying fuel in Raven Transport generally can save up to five to six centsaper gallon, said Executive Vice President David Still, it’s a gamble sincs sometimes gas stations sell diesel for a cent or two less than what Raven’x South Carolina facility bought it for. 65 mph.
Billy the company’s CEO and said fuel is burnt exponentially faster when drivingb faster thanthat speed, and with stopds and starts, the best a truck can averag is 60 mph. The compan y also offers drivers bonuses if they shut the enginr off while waiting and find shelter inan air-conditionesd warehouse instead of in the truck. “I’d ratherd pay the driver than the guy selling Hart said. Raven Transpor t uses auxiliary power units that run the truckmwhen it’s idling and consume less fuel. The unit runs the idledf engine ata quarter-gallon to half a gallo per hour, compared with about a gallobn per hour used when the engin idles.
Plus, the unit saves the engine wear and Teichert said the company has also changed its routexs over the past year and a half to reduce the mileager drivers have to travel to theier homes inbetween assignments. Over the past couple of yearsthe company’a fuel efficiency has risen from 5.8 milese per gallon to 6.2 miles per Grimes is having its five Penske truckds tweaked by their manufacturerf so they’re 5 percent more Sean Kelly, a Penskr branch manager, said he is working to reducre how fast the trucksa can go and their idle times, and bettee control shifting patterns.
The recession helped push morethan 3,0000 trucking companies out of business nationwid in 2008, and the most expensive diesel priceds in history — as high as $4.75 per gallon didn’t help, either. Increased profits from hauling Florida’s summerr produce could give companiessome relief, but companies that drop their existing customers for the more profitabl e produce hauls risk being said Ike Sherlock, The Grimeas Cos. vice president. The prospect of earning $3.5p0 per mile hauling produce instead of thesteady $1 per mile loadss can be tempting. “It’s like jumping for the pretthy girl and leavingyour standby,” Sherlocj said.
“But many times your old lady won’t take you back.” Larger truckinvg companies suchas Grimes, and said they will be OK becausee they can pass on the majority of their increasee fuel costs to customers through fuel surcharges. Most of the cost the companiews have to eat are for travellintg done whendrivers aren’t hauling goods but are heading to and from home or to theirf next assignment.
Some small truckingh companies’ lack of a fuel surchargwe system in their contracts hurts even more since crediyt is so tight for some that they have to pay cash at the Sherlock fears that many companiezs will cut costs by putting off repairs and thus making the roadwaysmore dangerous. By buying fuel in Raven Transport generally can save up to five to six centsaper gallon, said Executive Vice President David Still, it’s a gamble sincs sometimes gas stations sell diesel for a cent or two less than what Raven’x South Carolina facility bought it for. 65 mph.
Billy the company’s CEO and said fuel is burnt exponentially faster when drivingb faster thanthat speed, and with stopds and starts, the best a truck can averag is 60 mph. The compan y also offers drivers bonuses if they shut the enginr off while waiting and find shelter inan air-conditionesd warehouse instead of in the truck. “I’d ratherd pay the driver than the guy selling Hart said. Raven Transpor t uses auxiliary power units that run the truckmwhen it’s idling and consume less fuel. The unit runs the idledf engine ata quarter-gallon to half a gallo per hour, compared with about a gallobn per hour used when the engin idles.
Plus, the unit saves the engine wear and Teichert said the company has also changed its routexs over the past year and a half to reduce the mileager drivers have to travel to theier homes inbetween assignments. Over the past couple of yearsthe company’a fuel efficiency has risen from 5.8 milese per gallon to 6.2 miles per Grimes is having its five Penske truckds tweaked by their manufacturerf so they’re 5 percent more Sean Kelly, a Penskr branch manager, said he is working to reducre how fast the trucksa can go and their idle times, and bettee control shifting patterns.
Tuesday, November 20, 2012
In Cambodia, Obama Hails 'Constructive' US-China Relationship - ABC News (blog)
sucujovide.wordpress.com
ABC News (blog) | In Cambodia, Obama Hails 'Constructive' US-China Relationship ABC News (blog) Obama is paying the first visit by an American president to Cambodia, a country trying to emerge from its violent and repressive past. The president arrived Monday night and went straight to what has been described as a “tense†meeting with Prime ... China St » |
Saturday, November 17, 2012
Ten banks allowed to repay TARP funds - Portland Business Journal:
lebexab.wordpress.com
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
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
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