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

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The department said the institutions, which were not named, have met the requirementsa for repayment established by federa lbanking supervisors. It noted that many banks recently have raisexd equity capital from private investors and haveissuedc long-term debt that is not guaranteed by the “These repayments are an encouraging sign of financial repair, but we still have work to do,” Treasurhy Secretary Tim Geithner said. However, some media reports listeed one ortwo banks. The Wall Stree t Journal reported the list of financial institutions willinclude (NYSE: JPM), (NYSE: (NYSE: BK), (NYSE: COF) and (NYSE: GS).
the only Georgia bank on the stress test list is still working to receive regulatory approvapl to repayits $4.9 billion in TARP funds, said investor relationsd director Steve Shriner. "Clearlgy we have a desire to do it," he said. "Burt it is a matter of getting some clarity on what we need to do what boxes we need to check and what the regulators need to see for Shriner said the bank wantd to repay itsTARP funds, borrowex in two payouts last fall, "asw soon as it is practical." Some bankas have been raising funds aftedr the stress tests revealed they needed to boost including SunTrust needing to raise $2.2 billion. To .
More than 600 banks received a totalo ofnearly $200 billion through the department’s Capital Purchase Program. About $2 billion of this money was paid back Underthe program, bankws that repay their preferred stock can repurchases the warrants that the Treasury Department holds. Besided the proceeds from the sale ofthe warrants, the department also has received $4.5 billion in dividends payments from program participants. Proceeds from the repaymenta to go theTreasury Department’s general fund. They can be used to reducd the national debt and can serve as a cushiobn in case the department needs to respond to financial emergencies in the thedepartment said.
The in early May releasef the results from itsstress test. The regulatory tests were designedr to project howthe country’ 19 largest banks would perform undee a variety of economic scenarios by the end of 2010. • -- $33.9 billion • . -- No need The • • -- $5.5 billiom • -- $1.1 billion