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The Troubled Asset Relief Program will cost taxpayers less than expected.
May 29 -
More than 60% of the banks still remaining in the Troubled Asset Relief Program have been labeled "problem" institutions by the Federal Deposit Insurance Corp., casting doubt on their ability to repay the Treasury Department before the program is wound down.
May 8
The Treasury Department plans to auction its remaining stakes in 16 banks as it continues to unwind its holdings from the Troubled Asset Relief Program.
Treasury said Wednesday it expects to sell each warrant to a single bidder in an auction slated to start on June 3 and end two days later.
The banks, which issued a combination of preferred stock and warrants to Treasury in return for aid, have redeemed the preferred stock, or Treasury has sold its investment.
The warrants were issued by: Banner Corporation (BANR) of Walla Walla, Wash.; Carolina Trust Bank (CART) of Lincolnton, N.C.; Central Pacific Financial (CPF) in Honolulu; Colony Bankcorp (CBAN) in Fitzgerald, Ga.; Community West Bancshares (CWBC) in Goleta, Calif.; Flagstar (FBC) in Troy, Mich.; Heritage Commerce (HTBK) in San Jose, Calif.; International Bancshares (IBOC) in Laredo, Texas; Mainsource Financial (MSFG) in Greensburg, Ind.; MetroCorp (MCBI) in Houston; Old Second (OSBC) in Aurora, Ill.; Parke Bancorp (PKBK) in N.J.; S&T Bancorp (STBA) in Indiana, Pa.; Timberland Bancorp (TSBK) in Hoquiam, Wash.; United Community Banks (UCBI) in Blairsville, Ga.; and Yadkin Valley (YAVY) in Elkin, N.C.
Treasury says it expects to hold similar auctions for warrants it received from other Tarp banks.
