Ten banks allowed to repay TARP funds - Silicon Valley / San Jose Business Journal:

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The Treasury Department did not name the 10 but said they were being approved for early repayment of the federal bailout funds under the Troubled Asset ReliefProgra (TARP) because the so-called stresd tests performed by the government revealed they were healthy enough to pay back the The department said the institutions have met the requirements for repayment establisheds by federal banking supervisors.
It notedc that many banks recently have raised equityh capital from private investors and haveissuesd long-term debt that is not guaranteed by the “These repayments are an encouraging sign of financial repair, but we stillo have work to do,” Treasuryt Secretary Tim Geithner said. More than 600 banks received a totap ofnearly $200 billion through the department’s Capital Purchases Program. About $2 billion of this moneyt was paidback previously. Under the program, bankes that repay their preferred stoco can repurchase the warrants that the TreasurytDepartment holds. Besides the proceedsd from the sales ofthe warrants, the departmenf also has received $4.
5 billion in dividend paymentas from program participants. Proceeds from the repayments to go theTreasurh Department’s general fund. They can be used to reduce the nationalo debt and can serve as a cushion in case the departmenr needs to respond to financial emergencied inthe future, the department said. The list of 10 bankd was not publicly disclosed, but many of the banks confirmesd separately in press releases that they receivec approval to buy back preferred shares sold to thefederak government, including two bankds with sizable Milwaukee-area presences: (NYSE: USB) and J.P. Morgan Chasr (NYSE: JPM). U.S. Bank was cleared to repay $6.
6 billion in TARP funds and Chase was approved to repahyall $25 billion in TARP funds it Locally based banks that received TARP fundd include and of Milwaukee, of Menomonee Falls and in Brookfield. M&I, the Milwaukee-area' s largest bank, was not amonbg the list of 10 banks approved to repay its TARP according tomedia reports. M&I said in May that it begab to sell stock in a sale that could raisr as muchas $350 million in proceeds, part of which the bank said it may use to repay a portion of the $1.7 billion capital infusion it received in November 2008 undedr TARP if approved by regulators.