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
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