The number of banks and thrifts deferring dividends on preferred stock from the Troubled Asset Relief Program rose last month, according to a report.
Processing Content
SNL Financial found that 123 banks and thrifts skipped a Nov. 15 quarterly payment to the Treasury Department, compared with 115 in August.
Companies that deferred hold about $3.3 billion in Tarp funds, or less than 1.6% of the capital invested at the program's height.
Thirteen banks missed six dividend payments, which lets the Treasury add two directors to those institutions' boards. Six bank have missed seven payments. Saigon National in Westminster, Calif., remains the only bank to skip all eight dividends, the report said.
