Still Dealing With Tarp
March 29, 2012 10:51 AM
(Image: Bloomberg News)
California
Hard-hit by the collapse of the housing market, California once had 75 banks in Tarp, or roughly a quarter of the banks based in the state in 2008. There are 33 banks that still need to exit the program, with Cathay General being the largest, at $258 million. (Image: ThinkStock)
Illinois
Illinois has 24 banks that owe Tarp, or roughly half of the banks in the state that received bailout funds. It makes sense that Illinois would be high on the list - it had 660 banks when the crisis began, the highest number of any state. PrivateBancorp has the largest unredeemed stake, at $244 million. (Image: ThinkStock)
Missouri
Missouri might be the Show Me state, but 22 of its banks have yet to show taxpayers their money. Only 10 banks in the state have exited Tarp. First Banks in Clayton is Missouri's largest Tarp participant, with $295 million, or an amount that nearly equals the company's total equity at Dec. 31. (Image: ThinkStock)
North Carolina
There are 21 banks in North Carolina that need to repay the Treasury Department. A third of the state's 99 banks were once in the program, including Bank of America and BB&T. (Image: ThinkStock)
Georgia
Twenty banks in Georgia need to redeem Tarp funds, or 71% of banks in the state that participated. Only 8% of Georgia's 339 banks received the funding. In comparison, dozens of banks have failed there since 2008. The biggest remaining Tarp holder is Synovus, which has a $968 million from the Treasury. (Image: ThinkStock)
Florida
If there was any state that could have used a bailout, it was the Sunshine State. Florida was among the first states clobbered by the downturn, but less than 7% of its banks received Tarp funds. Most were likely shut out because of credit quality. Fifteen of the state's 23 recipients remain in Tarp. (Image: ThinkStock)
South Carolina
The Treasury Department will knock the Palmetto State's Tarp tally down by one, to 14 banks, by auctioning off $65 million of preferred shares in First Financial Holdings in Charleston. Initially, 21 of South Carolina's 90 banks participated. (Image: ThinkStock)
Tennessee
Tennessee has 14 banks with Tarp funds, or about 54% of the banks that participated in the program. The largest Tarp holder is Pinnacle Financial Partners, which received $95 million but has redeemed about a quarter of that. Pinnacle's executives say they are hoping to avoid common share dilution in repaying taxpayers. (Image: ThinkStock)
Virginia
Fourteen banks in the state remain in Tarp, or roughly half of the banks in the state that participated. Hampton Roads Bankshares, the largest community bank in the state to participate in the program, convinced the Treasury to convert its $80 million stake into $21 million of common equity to help it close a recapitalization. (Image: ThinkStock)
