Northern Trust Corp. announced Wednesday it repurchased for $87 million a warrant issued to the Treasury Department to buy about 3.8 million shares of its common stock as part of the Tarp Capital Purchase Program.
In June, Northern Trust repurchased 1.576 million shares of its preferred stock, which had been issued to the Treasury as part of the program.
With the warrant repurchase Northern Trust will have paid to the Treasury an aggregate of more than $1.7 billion, including the repurchases of the preferred stock and warrant, together with dividends paid on the preferred. In aggregate, the Northern Trust payments gave the Treasury a 14% annualized return on investment.
