WASHINGTON — The Treasury Department announced it would auction 52 million warrants it holds from The Hartford Financial Services Group tomorrow. It is the latest effort to recoup costs of the $700 billion financial bailout. In its announcement today, Treasury set a minimum bid price of $10.50 per warrant. A warrant gives the purchaser the [...] [...]
TUPELO — Renasant Corporation’s wholly-owned subsidiary, Renasant Bank, has acquired the banking operations of Crescent Bank and Trust of Jasper, Ga. in a Federal Deposit Insurance Corporation- (FDIC) assisted transaction. Under the terms of the transaction, Renasant Bank acquired approximately $1 billion in assets, including approximately $600 million of loans and other real estate and [...] [...]
WASHINGTON — The Treasury Department said today it has raised $10.5 billion from the sale of a total of 2.6 billion shares of Citigroup stock it received as part of the government’s rescue of the bank. The government sold the shares at a profit as it seeks to recoup the costs of the $700 billion [...] [...]
WASHINGTON—Yesterday, Sen. Roger Wicker (R-Miss.) introduced legislation to require the Government Accountability Office (GAO) to conduct a non-partisan, independent analysis of the propriety of federal financial assistance under the Troubled Asset Relief Program (TARP) provided to the General Motors Corporation and its treatment of certain Delphi retirees. Wicker voted against TARP in 2008. “The TARP [...] [...]
WASHINGTON — The Treasury Department said today that its first sales of Citigroup stock will cover up to 1.5 billion shares. That would amount to about 20 percent of the 7.7 billion shares of Citigroup common stock that the government owns. It received the shares as compensation for the massive support it extended to the [...] [...]
WASHINGTON — The U.S. Department of the Treasury received full repayment on its Troubled Asset Relief Program (TARP) investment in PNC Bank in the sum of $7.6 billion, bringing the total amount of repaid TARP funds to more than $173 billion. Treasury now estimates that total bank repayments and proceeds from sales of its common [...] [...]
JACKSON — On Feb. 4, Treasury Secretary Tim Geithner outlined the details of a new program under the Troubled Assets Relief Program (TARP) that will provide community development financial institutions (CDFIs) with up to $1 billion to make more loans to small businesses in some of the communities hit hardest by the economic crisis. ECD/HOPE [...] [...]
JACKSON — Trustmark Corporation has completed the repurchase of its 215,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A, from the U. S. Treasury Department at a purchase price of $215 million plus a final accrued dividend of $716.7 thousand. The preferred stock and a warrant to purchase 1,647,931 shares of common stock [...] [...]
Tuesday in Tunica, a Chinese businessman made the biggest economic development announcement in Mississippi in almost three years, and Gov. Haley Barbour was nowhere in sight. Xiaolin “Charles” Wang said his automotive manufacturing facility would produce 150,000 hybrid vehicles annually and employ 1,500 people directly, and the Mississippi Development Authority’s executive director was out of [...] [...]
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