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The Treasury Department will receive roughly $204 million from its latest auctions selling off the preferred shares of seven financial institutions from the Troubled Asset Relief Program.
June 28 -
The Treasury Department is auctioning off shares it owns in seven more community banks still left in the Troubled Asset Relief Program and at least five of the banks intend to bid on all or some of the shares themselves.
June 25 -
Pulaski Financial (PULB) in St. Louis has repurchased almost a quarter of the preferred stock it had issued to the Treasury Department under the Troubled Asset Relief Program and that was subsequently sold to private investors in an auction.
August 23 -
The Treasury Department said that 218 banks remain in the Trouble Asset Relief Program's Capital Purchase Program, and that it expects to sell its stakes in roughly 144 banks in 2013.
December 19 -
Banks that still hold Tarp funds face the prospect of dividend rates rising to 9% from 5% at a time when many of those institutions are still struggling.
June 11
Pulaski Financial (PULB) in St. Louis has repurchased $6 million worth of its Troubled Asset Relief Program shares following their auctioning last year by the Treasury Department.
With the repurchase, Pulaski has now redeemed $15.2 million, or 47%, of the total Tarp shares it issued. The $1.3 billion-asset company received $32.5 million through the program in January 2009.
The Treasury Department
"We are pleased that we have been able to fund all of our repurchases to date using cash from accumulated earnings and excess capital," said Gary Douglass, Pulaski's president and chief executive, in the news release. "Going forward, we will look for opportunities to repurchase additional preferred stock as our earnings and capital levels permit, or in another manner that is beneficial to common shareholders."
Pulaski earned $3.6 million in the second quarter, a 31% year-on-year increase, as its mortgage revenue increased and chargeoffs declined, according to its latest quarterly earnings report.
The Treasury has ramped up its auctions of Tarp holdings this year as it seeks to
Banks have been
