BB&T, Chase and others repay TARP - Jacksonville Business Journal:

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billion to the U.S. Treasury to buy back the preferrexd shares it sold to the federal governmeny last fall as part of the Troubled Asset Relief or TARP. BB&T was amonvg a group of ten large banks that receivex permission to exit that programn earlierthis month. That part of TARP was designed to injecyt capital into healthy banks around the countru as other sources of money dried up in thecredirt crisis. BB&T paid a total of $92.
78 million in dividend paymentds to the federal government for the use of the CEO Kelly King said the investmentin BB&fT worked out well for the “Our strong capital position allowed us to pay back TARP in a very shortt amount of time,” King said. “But what’s important today is that we’ve repaid the government, and now we have a singular focus on the business of serving our The Winston-Salem, N.C.
-based BB&T really didn’t want to join the federap program in the firsg place, chairman and former CEO John Allison said in a speechj to the Competitive Enterprise Institute last Allison described TARP and the pressur e banks were under to take part as “aa huge rip-off for us,” according to report in the Wall Streeyt Journal. and also repaid TARP fundz on Wednesday. Minneapolis-based U.S. Bank (NYSE: USB) was returningy $6.6 billion and New York-based JPMorga n Chase (NYSE: JPM) was giving back $10 U.S. Bank had previously announced its plans to redeem the preferred stoc issued tothe Treasury, and last week it receiveds approval from the government to do so. U.S.
Bank also told the Treasurty it intends to repurchasethe 10-year warranf it had issued along with the preferreds stock. “The redemption allows our company to return to operatinyg from a position of both independentf strength andstrategic flexibility,” said Richared Davis, U.S. Bank president, CEO and chairman, in a The Treasury in May announced U.S. Bank passes its stress test, which showed it would be able to ride out the economif downturn without having to raise more Davis has been an outspoken critic ofthe government’s capita l purchase program. In February he called the program “lousy” and said the bankinf industry was pressuredto participate.
Otherr banks expected to refund TARP money Wednesdagyinclude , and .