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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.
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Pigeon Falls is State’s 20th TARP Bank
Posted on September 24th, 2009 No commentsPFSB Bancorporation Inc., of Pigeon Falls, Wis. – parent company of Pigeon Falls State Bank – became the 20th banking company in the state to participate in the Troubled Asset Relief Program, selling just $1.5 million in preferred stock to the U.S. Treasury, according to the Milwaukee Journal Sentinel.
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Execs at 20 Top TARP Banks Net $3.2B
Posted on September 2nd, 2009 No commentsThe 20 financial firms that have received the most money from the government’s Troubled Assets Recovery Program (TARP) have, in the three years through 2008, awarded their top five executives pay packages worth a combined $3.2 billion, according to a study released by the Institute for Policy Studies, a liberal think tank, The Business Journal of Milwaukee reported.
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Wells to Repay TARP Money, CEO Says
Posted on September 2nd, 2009 No commentsWells Fargo & Co. CEO John Stumpf said that the San Francisco-based bank plans to repay “shortly” a government investment made in the bank during last fall’s financial crisis, The Business Journal of Milwaukee reported.
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Northern Trust Buys Out of TARP
Posted on September 1st, 2009 No commentsNorthern Trust Corp. announced it repurchased for $87 million the warrant issued to the U.S. Treasury to purchase approximately 3.8 million shares of common stock as part of the Capital Purchase Program of the Troubled Asset Relief Program (TARP), according to the Small Business Times of Milwaukee.
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TARP Funds Slow to Increase Lending
Posted on August 28th, 2009 No commentsOnly one of the six banks with operations in southeast Wisconsin that received Troubled Asset Relief Program (TARP) funds showed substantial loan growth at 11 percent for the second quarter. That bank was Securant Bank & Trust. Legacy Bank in Milwaukee increased lending 1.6 percent; and the four other TARP banks posted single-digit percentage declines in loan activity. They are: AnchorBank, Associated Bank, M&I Marshall & Ilsley Bank and Ridgestone Bank. Read the story in The Business Journal of Milwaukee.
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Bankers: TARP Has Kept Credit Flowing
Posted on August 1st, 2009 No commentsDon’t call it a bailout. Bankers say the more than $2.5 billion in TARP funds that have come into Wisconsin banks since last fall has allowed them to boost capital levels and keep making loans. Read more from the Wisconsin banks that have participated in the program in the Milwaukee Journal Sentinel.