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Taylor Capital Group (TAYC) in Chicago is buying back its outstanding Troubled Asset Relief Program shares as it waits to close its sale to MB Financial (MBFI).
November 4 -
The Treasury Department expects to receive roughly $66 million from a recent auction of stakes it owns in seven banks from the Troubled Asset Relief Program.
October 11 -
The Treasury Department plans to auction seven more lenders' Troubled Asset Relief Program shares, with a total face value of about $90 million.
November 4 -
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
The Treasury Department is taking a roughly 45% discount its latest auction of Troubled Asset Relief Program shares.
The agency expects to receive $49.3 million for preferred shares in seven companies as part of an auction that closed Thursday. The banks originally received
The largest discount that the Treasury expects to take involves the sale of its stake in Bridgeview Bancorp in Illinois. The company received $38 million in Tarp funds in 2008; the Treasury expects to sell the shares for $11.2 million. The agency is also taking a significant discount on shares of Village Bank and Trust Financial in Midlothian, Va., which it expects to sell for $5.7 million; the company originally received $14.7 million.
However, the Treasury will receive a 29% premium for shares of Pacific City Financial in Los Angeles. The agency, which issued $16.2 million to the company, said it expects to sell its stake for $20.9 million.
"Treasury continues to make steady progress winding down the bank program through the auction process," Timothy Massad, the Treasury's Assistant Secretary for Financial Stability, said in a press release. "Tarp helped to stabilize the economy during the financial crisis and the program has already returned a significant profit to the taxpayers."
The other companies involved in the latest auction are Madison Financial in Richmond, Ky.; Midtown Bank & Trust in Atlanta; United American Bank in San Mateo, Calif.; and AB&T Financial in Gastonia, N.C. The Treasury said it plans to sell only 85% of its stake in AB&T because it did not receive enough bids above the minimum price.
The Treasury now holds Tarp shares in 102 of the 707 banks that originally participated, according to the agency's
Banks have been
