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The Treasury Department will auction its stakes in five more banks — including shares it owns in an Illinois bank that it previously failed to sell — as it continues to wind down the Troubled Asset Relief Program.
September 6
The Treasury Department continues to sell bank stakes that it obtained during the financial crisis.
The agency said Wednesday that it recouped roughly $149 million from selling preferred stock in Alpine Banks of Colorado in Glenwood Springs; Yadkin Valley Financial (YAVY) in Elkin, N.C.; First Community Financial Partners (FCMP) in Joliet, Ill.; F&M Financial in Clarksville, Tenn.; and F & M Financial in Salisbury, N.C.
The banks received a combined $175 million from the Troubled Asset Relief Program, through which the government invested cash in distressed financial institutions in exchange for preferred shares.
The Treasury has been working aggressively to end Tarp by auctioning off shares in about 300 of the roughly 700 firms that received capital from Tarp's Capital Purchase Program, which accounted for roughly $205 billion of the government's $700 billion bank rescue effort.
