Home » Tag Archives: TARP

Tag Archives: TARP

TARP recedes into banking history as all but two Mississippi banks have repaid rescue money

All but two Mississippi banks — both identified as small community lending institutions — have repaid the emergency capital received through the Treasury Department’s Troubled Asset Relief Program, or TARP. By shedding their TARP debt, Mississippi’s banks avoid a hardball provision of the loan program that requires institutions yet to fully repay the taxpayer-provided funds to pay 9 percent in ...

Read More »

Treasury selling preferred shares of Brandon’s Community Bank in TARP closing

  In winding down programs dating to the 2008 financial crisis, the Treasury Department is auctioning its preferred shares in Brandon-based Community Bank of Mississippi Inc. and 14 other banks that received Troubled Asset Relief Program funds. Community Bank of Mississippi, a subsidiary of Community Bancshares of Mississippi, received $52 million TARP money on Sept. 11, 2009. In exchange, it ...

Read More »

ABA: Obama bank tax will sacrifice $600 billion in loans

The American Bankers Association reacted harshly Monday to President Obama’s proposal to levy a 10-year tax on the banking industry that would raise $61 billion to help U.S. homeowners refinance. Obama had previously proposed a “financial crisis responsibility fee” on financial firms with assets exceeding $50 billion. That idea has been changed into a proposal to tax banks to help ...

Read More »

Regions: Morgan Keegan sale lowers bank's ‘overall risk profile’

Regions Bank – Mississippi’s market leader — won’t be making a big payment to the Troubled Asset Relief Program, or TARP, with the $1.18 billion it is to gain through the pending sale of the Morgan Keegan investment brokerage. But the liquidity that the Birmingham bank’s holding company, Regions Financial, will gain from the sale of Morgan Keegan to Raymond ...

Read More »

TARP pressure behind Regions putting Morgan Keegan up for sale

By Ted Carter You can toss out public relations as a reason Regions Financial, parent of Regions Bank, wants to get rid of wayward brokerage and investment banking subsidiary Morgan Keegan. It comes down to money – specifically the $3.5 billion the Birmingham-based Regions still owes the U.S. Treasury’s Troubled Asset Relief program, analysts say. J.P. Morgan analyst Vivek Juneja, ...

Read More »

Treasury to auction The Hartford warrants

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 right to buy common stock ...

Read More »

Renasant buys distressed Georgia bank

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 approximately $50 million of investment ...

Read More »

Treasury sells 2.6B shares of Citigroup

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 financial bailout in 2008. Treasury ...

Read More »

Wicker wants probe of GM's use of TARP funds

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 program has failed to address ...

Read More »