The U.S. Department of the Treasury announced Wednesday that Regions Financial Corporation has repurchased its outstanding $3.5 billion in Troubled Asset Relief Program (TARP) Capital Purchase Program (CPP) preferred stock.
With the repayment, the overall positive return from TARP’s bank programs has now reached $18 billion. Treasury invested a total of $245 billion through TARP’s bank programs and has recovered $263 billion to date through repayments, dividends, interest, and other income.
Going forward, each additional dollar recovered through TARP’s bank programs represents an additional dollar of profit from those programs for taxpayers.
“This repayment is another milestone in our efforts to wind down TARP and provides an additional profit for taxpayers on the program’s investment in banks,” said Tim Massad, assistant secretary for financial stability. “Replacing temporary government support with private capital is an important component of continuing to restore financial stability.”
In addition to the $3.5 billion repayment, Regions Financial has also paid taxpayers $593 million in dividends over the life of its TARP investment. Treasury continues to holds warrants to purchase common stock in Regions Financial — the disposition of which will provide an additional positive return to taxpayers.
To date, taxpayers have already recovered 81 percent ($337 billion) of the total funds disbursed across all TARP programs ($415 billion) through repayments, dividends, interest and other income.
State and Nation
April 6, 2012
Regions repays $3.5 billion in TARP funds
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