Daniel Gross

Ten More Banks Exit TARP, With an Assist from Treasury’s SBLF Program

Contrary Indicator

After a slow several months, the pace of TARP exits has picked up in recent weeks. That's largely because many banks are participating in a new Treasury-backed program, the Small Business Lending Fund, which allows them to raise capital on favorable terms. Many banks are using funds raised from the SBLF to retire the preferred shares they had issued to Treasury under TARP's Capital Purchase Program.

Last week, 10 banks exited TARP, paying back a total of $139 million. In each instance, the bank reported that it tapped into the SBLF for all or part of the funds it used to repay Treasury.

The TARP exits are:

Cobiz Financial, Denver, CO. $64.45 million

Grandsouth Bancorp, Greenville, SC. $15.319 million, plus $450,000 paid to Treasury for preferred shares issued in lieu of warrants

First Bankers Trustshares, Quincy, IL. $10 mililon, plus $500,000 paid to Treasury for preferred shares issued in lieu of warrants

Bankfirst Capital Corp., Macon, MS. $15.5 million, plus $775,000 paid to Treasury for preferred shares issued in lieu of warrants

Grand Capital Corp., Tulsa, OK. $4 million, plus $200,000 paid to Treasury for preferred shares issued in lieu of warrants

Southern Heritage, Cleveleand, TN. $4.862 million, plus $243,000 paid to Treasury for preferred shares issued in lieu of warrants

Deerfield Financial, Deerfield, WI. $2.64 mililon, plus $132,000 paid to Treasury for preferred shares issued in lieu of warrants

Merchants and Manufacturers Bank Corp., Joliet, IL. $3.51 million, plus $176,000 paid to Treasury for preferred shares issued in lieu of warrants

TCB Corp., Greenwood, SC. $9.72 million, plus $292,000 paid to Treasury for preferred shares issued in lieu of warrants

Cardinal Bancorp II, Washignton, MO.  $6.25 million, plus $313,000 paid to Treasury for preferred shares issued in lieu of warrants

Rates

View Comments (10)