Bank Bailouts: $45.5 Million Goes out, $125.2 Million Comes in
As always, it's time for your weekly update on the bank bailouts.
There were seven more TARP takers this week, totaling $45.5 million:
|Village Bank and Trust Financial Corp||$14.7 million|
|Georgia Primary Bank||$4.5 million|
|Union Bank & Trust Company||$3.2 million|
|HPK Financial Corporation||$4 million|
|OSB Financial Services||$6.1 million|
|Security State Bank Holding Company||$10.8 million|
These investments are through the Treasury’s program for “healthy banks,” the Capital Purchase Program. The Treasury currently has $197.9 billion invested in more than 550 banks all over the country. You can see the entire list of bailout recipients here.
Of course, bit by bit, banks have been returning bailout funds because of the bailout's taint and restrictions on executive compensation. Yesterday, the 12th bank returned the money: Sterling Bancshares of Houston returned $125.2 million. As you can see from our list of banks that have refunded their bailout money, the 12 have returned $1.16 billion so far. Lately, Capital Purchase Program investments have slowed down considerably, and more bailout money has been coming back to Treasury than has been going out.
As big banks return their TARP money, Fannie Mae and Freddie Mac continue to be a drain.