The Treasury Department has successfully sold off its shares in seven more community banks as part of its ongoing effort to wind down the four-year-old Troubled Asset Relief Program.

The Treasury began the auction process Monday and said Thursday that it received bids totaling $245 million, or 13% less than its initial $281 million investment in the seven companies. The Treasury did not disclose the names of winning bidders, but at least at two of the bank holding companies, the $2 billion-asset First Defiance Financial (FDEF) in Defiance, Ohio, and the $529 million-asset First Capital Bancorp (FCVA) in Glen Allen, Va., had received regulatory approval to buy back their own shares.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.