The Treasury Department announced Friday that three banks have repurchased a total of $74.58 million of warrants and shares under the federal government's rescue program for the financial industry.
CVB Financial Corp. of Ontario, Calif., bought back $32.5 million of holdings, following a $97.5 million repurchase in August. The transactions mean the bank has repurchased all outstanding preferred stock it sold to the Treasury last year under the Troubled Asset Relief Program's Capital Purchase Program.
Westamerica Bancorp. of San Rafael, Calif., bought back 50% of the preferred stock it issued under the same program for $41.8 million.
The Treasury Department also announced that Old Line Banchares Inc., of Bowie, Md., had bought back warrants issued in connection with Tarp.