WASHINGTON — Zions Bancorp., the largest bank remaining in the Troubled Asset Relief Program, repaid the last of its government funds to exit the program Wednesday, the Treasury Department announced.
The $52.8 billion-asset company repurchased $700 million in preferred stock that Treasury held through Tarp's Capital Purchase Program. The government originally invested $1.4 billion in Zions, half of which the company paid back in March.
Zions also paid $253 million in dividends over the life of its Tarp investment, and Treasury continues to hold warrants to purchase common stock in the company, the agency said in a press release.
Treasury said it has now recovered $266 billion of the $245 billion invested via Tarp through repayments, dividends, interest and other income.
"Today's repayment delivers an additional profit to taxpayers on Tarp's bank programs as we continue moving forward with our overall strategy for winding down those investments," Timothy G. Massad, Treasury's assistant secretary for financial stability, said in the release.
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