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Letter: Use TARP Funds as Intended
Posted on February 6th, 2010 No comments“President Obama has proposed that the government take $30 billion in repayments from the Toxic Asset Relief Program and distribute it to banks for small business loans. While there may be a legitimate need, this would be contrary to the law as written,” reads a letter to the editor in the Wausau Daily Herald.
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M&I Likely to Repay TARP Next Year
Posted on February 3rd, 2010 No commentsMarshall & Ilsley Corp. probably won’t start paying back the U.S. Treasury’s $1.7 billion TARP investment until next year, CFO Greg Smith said at the Morgan Stanley U.S. Financials Conference in New York City, according to the Milwaukee Journal Sentinel.
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Layton State Bank Participates in TARP
Posted on January 11th, 2010 No commentsLayton State Bank in Milwaukee is the latest Wisconsin bank to receive capital through the federal government’s Troubled Asset Relief Program, or TARP, the Milwaukee Journal Sentinel reported.
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TARP Restricts Bonuses for M&I Execs
Posted on December 29th, 2009 No commentsMarshall & Ilsley Corp. – like other institutions that participate in the U.S. Treasury’s TARP – won’t be awarding stock options and bonuses to the bank’s top executives, but rather “stock salaries” in addition to their cash salaries. Read more in the Milwaukee Journal Sentinel.
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Wells Completes TARP Repayment
Posted on December 23rd, 2009 No commentsWells Fargo & Co. said it has completed its repayment of funds it received under the federal TARP program. Wells redeemed the $25 billion of series D preferred stock issued to the U.S. Treasury in October 2008 and paid accrued dividends of $131.9 million, the Milwaukee Business Journal reported.
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Wells Fargo Raising $10.4B to Repay TARP
Posted on December 15th, 2009 No commentsWells Fargo & Co. will repay the government’s entire $25 billion TARP investment after it raises $10.4 billion in a stock offering, the Business Journal of Milwaukee reported.
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Treasury Extends TARP
Posted on December 9th, 2009 No commentsThe U.S. Treasury Department is extending the Troubled Asset Relief Program through Oct. 3, 2010, but doesn’t expect to deploy more than $550 billion of the $700 billion allocated for the program. Treasury also anticipates up to $175 billion in TARP repayments by the end of next year. Read more in the Milwaukee Business Journal.
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Fed Asks Banks for TARP Repayment Plans
Posted on November 24th, 2009 No commentsTwo banks that operate in Wisconsin, PNC Financial Services Group Inc. and Wells Fargo & Co., are among the 19 banks that underwent government �stress tests� earlier this year and have been asked by the Federal Reserve to devise a plan to repay TARP money. Read more in the Milwaukee Business Journal.
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U.S. Bancorp Posts 3rd Quarter Earnings
Posted on October 27th, 2009 No commentsU.S. Bancorp has posted third-quarter net income of $603 million, or 30 cents per share, compared with $576 million, or 32 cents per share, in the same period a year ago. Early in the third quarter, U.S. Bancorp repurchased the 10-year warrant issued to the U.S. Treasury, effectively concluding its participation in the federal Troubled Asset Relief Program (TARP), the Small Business Times of Milwaukee reported.
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TARP Fuels Lending for Securant
Posted on September 29th, 2009 No commentsSince acquiring $5.1 million in TARP funds, Menomonee Falls-based Securant Bank & Trust has increased lending by 15 percent. It has also expanded its assets under management to $252 million, an 18 percent increase since the start of the year, the Milwaukee Small Business Times reported.