WASHINGTON — The Treasury Department said Friday it netted $12.21 million from the sale of warrants to buy stock in 17 financial firms, including banks such as Maryland-based Eagle Bancorp Inc. and Indiana-based Horizon Bancorp.
Treasury still holds warrants in many banks that received cash from the government through the financial crisis rescue program, the Troubled Asset Relief Program, or TARP. Treasury has sold warrants through public auctions.
Treasury said the institutions whose warrants were sold have already repaid the original amount of the investment from the government.
"These proceeds provide an additional return to the American taxpayer from Treasury's investment," Treasury said in the news announcement.
The sales are expected to close Wednesday.
Treasury received $2.79 million for its Eagle Bancorp warrants, $1.75 million for Horizon Bancorp warrants and $1.70 million the Bank of Marin Bancorp warrants. All other sales netted less than $1 million.
Treasury has said the warrants were to be privately placed to qualified institutional investors.
Treasury also sold its warrant positions in the following firms: CoBiz Financial Inc.; Encore Bancshares; F.N.B. Corp.; First Bancorp (of North Carolina); First Busey Corp.; First Community Bancshares Inc.; 1st Constitution Bancorp; First Merchants Corp.; Lakeland Financial Corp.; LCNB Corp.; Middleburg Financial Corp.; MidSouth Bancorp Inc.; Westamerica Bancorporation; and Western Alliance Bancorporation.