Six Financial Institutions Repay TARP Funds, Deliver $2.7 Billion In Proceeds For Taxpayers

The U.S. Department of the Treasury announced that the following six financial institutions have repurchased Troubled Asset Relief Program (TARP) Capital Purchase Program (CPP) investments and paid accrued dividends on those investments, delivering a total of $2.7 billion in proceeds today for taxpayers.

Huntington Bancshares (Columbus, OH): Repurchased all outstanding CPP preferred shares totaling $1.4 billion and paid accrued dividends totaling $7.2 million (Total Proceeds Today for Taxpayers: $1.4 billion)
First Horizon National Corporation (Memphis, TN): Repurchased all outstanding CPP preferred shares totaling $866.5 million and paid accrued dividends totaling $4.5 million (Total Proceeds Today for Taxpayers: $871.0 million)
Wintrust Financial Corporation (Lake Forest, IL): Repurchased all outstanding CPP preferred shares totaling $250.0 million and paid accrued dividends totaling $1.3 million (Total Proceeds Today for Taxpayers: $251.3 million)
Susquehanna Bancshares, Inc. (Lititz, PA): Repurchased all remaining outstanding CPP preferred shares totaling $100.0 million and paid accrued dividends totaling $513,889 (Total Proceeds Today for Taxpayers: $100.5 million)
Heritage Financial Corporation (Olympia, WA): Repurchased all outstanding CPP preferred shares totaling $24.0 million and paid accrued dividends totaling $123,333 (Total Proceeds Today for Taxpayers: $24.1 million)
The Bank of Kentucky Financial Corporation (Crestview Hills, KY): Repurchased CPP preferred shares totaling $17.0 million and paid accrued dividends totaling $87,361 (Total Proceeds Today for Taxpayers: $17.1 million) Note: After this transaction, Treasury holds remaining outstanding Bank of Kentucky Financial Corporation CPP preferred shares totaling $17.0 million.

Treasury has made overall TARP disbursements of $389 billion. With today’s proceeds, TARP repayments ($234 billion) and income from dividends, interest, and the sale of other securities ($35 billion) now total $269 billion.