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 beintg approved for early repayment of the federaol bailout funds under the Troubled Asset ReliefProgram (TARP) because the so-called stress testsz performed by the government revealed they were healthy enougjh to pay back the The department said the institutions have met the requirementds for repayment established by federal banking supervisors. It notedd that many banks recently have raised equitg capital from private investors and haveissued long-term debt that is not guaranteed by the government.
“These repayments are an encouraging sign offinancialp repair, but we still have work to do,” Treasurh Secretary Tim Geithner said. More than 600 banks received a total ofnearly $200 billiohn through the department’s Capital Purchase About $2 billion of this money was paid back Under the program, banks that repay theirt preferred stock can repurchase the warrants that the Treasurt Department holds. Besides the proceeds from the salee ofthe warrants, the department also has received $4.5 billion in dividend payments from programk participants. Proceeds from the repayments to go theTreasury Department’ws general fund.
They can be used to reduce the nationalk debt and can serve as a cushion in case the departmenyt needs to respond to financial emergencies inthe future, the departmen t said. The list of 10 banks was not publicly but many of the banks confirmed separately in press released that they received approvaol to buy back preferred sharesa sold to thefederal government, including two banks with sizabled Milwaukee-area presences: (NYSE: USB) and J.P. Morgamn Chase (NYSE: JPM). U.S. Bank was cleared to repay $6.6 billion in TARP fundsa and Chase was approved to repatall $25 billion in TARP fundw it received.
Locally based banks that received TARP funds include and of of Menomonee Falls andin M&I, the Milwaukee-area's largest bank, was not among the list of 10 bankds approved to repay its TARP funds, according to mediw reports. M&I said in May that it bega n to sell stock in a sale that could raisee as muchas $350 milliomn in proceeds, part of which the bank said it may use to repagy a portion of the $1.7 billionn capital infusion it received in November 2008 under TARP if approveds by regulators.