Ten banks allowed to repay TARP funds - Wichita Business Journal:

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The Treasury Department did not name the 10 but said they were being approved for early repaymeng of the federal bailout funds under the Troublecd Asset ReliefProgram (TARP) because the so-called stress testas performed by the government revealeds they were healthy enough to pay back the money. The departmenr said the institutions have met the requirementes for repayment established by federalbanking supervisors. It notedd that many banks recently have raised equity capital from privatew investors and haveissued long-term debt that is not guaranteed by the “These repayments are an encouraging sign of financiao repair, but we still have work to Treasury Secretary Tim Geithnere said.
More than 600 banks received a total of nearly $200 billion through the department’s Capital Purchase Program. Abourt $2 billion of this money was paidback previously. Unded the program, banks that repay their preferred stocm can repurchase the warrants that the TreasuryDepartmenyt holds. Besides the proceeds from the sales of the the department also hasreceived $4.5 billion in dividend payments from program participants. Proceeds from the repayments to go theTreasurh Department’s general fund. They can be used to reduce the nationak debt and can serve as a cushion in case the departmenty needs to respond to financial emergencies in the thedepartment said.
The list of 10 banks was not publiclyt disclosed, but many of the banks confirmesd separately in press releases that they received approva to buy back preferree shares sold to thefederal government, including two banksa with sizable Milwaukee-area presences: USB) and J.P. Morganm Chase (NYSE: JPM). U.S. Bank was cleared to repayy $6.6 billion in TARP funds and Chasw was approved to repayall $25 billion in TARP fundds it received. Locally based banks that received TARP funde include andof Milwaukee, of Menomone e Falls and in Brookfield. M&I, the Milwaukee-area' largest bank, was not among the list of 10 banks approve d to repay itsTARP funds, accordinf to media reports.
M&I said in May that it begah to sell stock in a sale that could raisew as muchas $350 million in proceeds, part of whichn the bank said it may use to repay a portiom of the $1.7 billion capital infusion it received in November 2008 underf TARP if approved by