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Two Financial Institutions Repay Tarp Funds, Deliver $30.6 Million in Proceeds for Taxpayers

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The U.S. Department of the Treasury announced that the following two financial institutions have repurchased Troubled Asset Relief Program (TARP) Capital Purchase Program (CPP) investments, delivering a total of $30.6 million in proceeds today for taxpayers.
 

  • Washington Banking Company (Oak Harbor, WA): Repurchased all outstanding CPP preferred shares from Treasury’s original investment in the institution totaling $26.4 million and paid accrued dividends totaling $208,842 (Total Proceeds Today for Taxpayers: $26.6 million)

  • Stockmens Financial Corporation (Rapid City, SD): Repurchased CPP preferred shares totaling $4.0 million and paid accrued dividends totaling $31,667 (Total Proceeds Today for Taxpayers: $4.0 million)Note: After this transaction, Treasury holds remaining outstanding Stockmens Financial Corporation CPP preferred shares totaling $11.6 million.

Treasury has made overall TARP disbursements of $389 billion. With today’s proceeds, TARP repayments ($235 billion) and income from dividends, interest, and the sale of other securities ($35 billion) total $270 billion.

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