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The Treasury has commenced another auction of Tarp holdings. At least banks are planning to use the auction as an opportunity to retire preferred shares that will carry a 9% interest rate in late 2003.
June 11 -
Several community banks are scrambling to address Tarp balances, either by selling or refinancing, as the dividend rate on those shares is set to nearly double.
October 7 -
Delmar Bancorp is giving up a 40% stake in itself to an outside investor, who will cancel Tarp shares he won in a Treasury auction. The investor will also invest cash and forgive unpaid Tarp dividends.
August 20
United Bancorp (UBMI) in Ann Arbor, Mich., has redeemed the last of its Troubled Asset Relief Program shares.
United bought back the shares and paid all outstanding dividends for $10.4 million, their face value, it said Friday. It funded the redemption with cash from its banking unit and a loan of $4 million under the company's line of credit, it said.
The $918 million-asset United received $20.6 million through the program in January 2009, and the Treasury Department
United said that the holding company and its bank unit remain well-capitalized. The bank had a Tier 1 capital ratio of 9.72% and total risk-based capital ratio of 14.85% as of Sept. 30, according to the Federal Deposit Insurance Corp.
Banks have been
There were 89 banks remaining in Tarp as of Nov. 30, the Treasury Department said in its
