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The Treasury Department's recent auction of preferred shares in six banks may signal that the agency has finally found a path to end its bank investments under the Troubled Asset Relief Program.
April 12 -
WSFS Financial (WSFS) in Wilmington, Del., has been using its excess capital to open new branches, hire lenders and beef up its wealth management operations, but Chief Executive Mark Turner assured investors and analysts Friday that repaying the $53 million it received from the Troubled Asset Relief Program remains a priority.
April 27
WSFS Financial (WSFS) in Wilmington, Del., has repurchased preferred shares it issued the Troubled Asset Relief Program.
The $4.4 billion-asset company said Thursday that it repurchased $32.6 million of preferred stock held by private investors on Aug. 26.
WSFS issued $52.6 million of stock to the Treasury Department through the Tarp in January 2009. The Treasury
Banks have been working to exit the Tarp before the interest rate on the shares jumps to 9% from 5% at the five-year anniversary of the shares' issuance.
Last year, WSFS Chief Executive Mark Turner said he hoped to exit Tarp in a "
