Daniel Gross

Georgia Bank Exits TARP, Returns $6.3 m to Treasury

Small banks continue to exit the TARP programs. The latest to exit is Gateway Bancshares.

Gateway, based in Ringgold, Georgia, in May 2009, took $6 million in CPP funds. In January, Gateway agreed to be acquired by Chattanooga, Tenn.-based First Volunteer. After completion of the transaction, First Volunteer on April 13 repaid the $6 million to Treasury and repurchased preferred shares given Treasury in lieu of warrants for $300,000. Total cash returned: $6.3 million.

Daniel Gross is economics editor at Yahoo! Finance

email him at grossdaniel11@yahoo.com; follow him on Twitter @grossdm

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