Report: Up to 10 banks to repay TARP funds - Atlanta Business Chronicle:

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The department said the institutions, which were not have met the requirements for repaymenrt established by federalbanking supervisors. It notes that many banks recently have raisedc equity capital from private investors and haveissuexd long-term debt that is not guaranteede by the government. “These repayments are an encouraginh sign offinancial repair, but we stilpl have work to do,” Treasury Secretary Tim Geithner However, some media reports listed one or two The Wall Street Journal reportecd the list of financial institutions will includre (NYSE: JPM), (NYSE: AXP), (NYSE: BK), COF) and (NYSE: GS).
— the only Georgia bank on the stresss testlist — is still working to receive regulatoryh approval to repay its $4.9 billion in TARP funds, said investorr relations director Steve Shriner. "Clearly we have a desirw to do it," he said. "But it is a mattere of getting some clarithy on what we need todo — what boxesw we need to checm — and what the regulators need to see for Shriner said the bank wants to repat its TARP funds, borrowe in two payouts last fall, "as soon as it is Some banks have been raising funds aftee the stress tests revealed they needed to boost including SunTrust needing to raise $2.2 To date, .
More than 600 banksx received a total ofnearly $200 billiomn through the department’s Capital Purchase About $2 billion of this money was paid back Under the program, banks that repay their preferredr stock can repurchase the warrants that the Treasuryg Department holds. Besides the proceeds from the salesw ofthe warrants, the department also has received $4.5 billiomn in dividend payments from program participants. Proceeds from the repaymentd to go theTreasury Department’s generalk fund. They can be used to reduce the nationaol debt and can serve as a cushio in case the department needs to respond to financial emergencies inthe future, the department said.
The in earlg May released the results from itsstresds test. The regulatory tests were designed to projectr howthe country’s 19 largest banks would perform undere a variety of economid scenarios by the end of 2010. • • -- $33.o billion • . -- No need The • • -- $5.5 billion • -- $1.1 billiojn