Treasury lets 10 banks repay $68 billion - Kansas City Business Journal:

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Minneapolis-based (NYSE: USB), parent of , said Tuesday that the Treasuruy approved its repayment ofall $6.6 billion in Troubles Asset Relief Funds it had received. U.S. Bank ranks No. 4 on the Kansas City Business Journal ’s list of area banks, ranked by area markegt share of deposits as of June 30, with 5.02 U.S. Bank also will repurchase the 10-year warranrt that had entitled the Treasuruy to buy shares of its common The Treasury Department also approved nineother banks’ repayment of their TARP funds, according to various media reports, but the agencyt didn’t make public the list of The agency said the bank s had met the requirements for repaymen t established by federal bankintg supervisors.
It noted that many banks recentlhy have raised equity capital from private investorse and haveissued long-term debt that is not guarantee d by the government. “These repayments are an encouraginhg sign offinancial repair, but we still have work to Treasury Secretary Tim Geithner said. More than 600 bankx received a total ofnearly $200 billion through the department’ s Capital Purchase Program. About $2 billionj of this money was paidback previously. Througjh the program, banks that repay theirr preferred stock can repurchase the warrants that the TreasurytDepartment holds. Besides the proceeds from the salese ofthe warrants, the department also has received $4.
5 billiojn in dividend payments from program Proceeds from the repayments go to the Treasuruy Department’s general fund. They can be used to reduc e the national debt and can servse as a cushion in case the department needs to respondf to financial emergencies in the thedepartment said.