TARP

New York, June 17, 2009 -- JPMorgan Chase & Co. (NYSE: JPM) announced today that it repaid in full the $25 billion preferred stock investment it accepted through the Troubled Asset Relief Program (TARP).

In addition to this principal amount, JPMorgan Chase has paid the U. S. Treasury an aggregate of $795,138,889 in dividends on the preferred stock, including dividends that had accrued through the redemption date.

The company will also notify the U.S. Treasury today of its intent to repurchase the 10-year warrant issued to the Treasury in connection with the preferred investment.

Source: JPMorgan Chase

Gregg: Repayment Of Tarp Funds Show Program Worked; Money Will Now Pay Down Debt

June 10, 2009 --
Washington -- U.S. Senator Judd Gregg (R-NH) today commented on the announcement by the U.S. Department of Treasury that 10 banks would soon be repaying $68 billion in Troubled Asset Relief Program (TARP) funds, assistance that was allocated under the Emergency Economic Stabilization Act (EESA) of 2008 to help stabilize the troubled financial markets and banking system

Senator Gregg, one of the key negotiators EESA, stated, “The announcement by Treasury that certain banks will soon be repaying $68 billion in TARP funds is a positive sign that the program worked exactly as intended, and that recovery has been faster than expected.    » read more »

Citi Announces Public Share Exchange Launch, Definitive Agreement with U.S. Government

June 10, 2009 -- New York – Citi has finalized a definitive agreement with the U.S. Government and will now launch its exchange offers for publicly held convertible and non-convertible preferred and trust preferred securities. Under the agreement, the Government will exchange a portion of its preferred securities with an aggregate liquidation value of up to $25 billion for interim securities and warrants and its remaining preferred securities for trust preferred securities. The public exchange offers are currently scheduled to expire on July 24, 2009, subject to extension by Citi.    » read more »

Says first round of TARP worked to stabilize the financial system

June 9, 2009 -- WASHINGTON, D.C. - Senator Bob Bennett (R-Utah) today applauded the announcement that 10 major financial institutions have met all of the requirements to fully repay the U.S. Treasury $68 billion, including five percent interest or $6.2 billion, which was borrowed from the taxpayers through the first part of the Emergency Economic Stabilization Act.    » read more »

New York, NY June 9, 2009 - The Goldman Sachs Group, Inc. (NYSE: GS) announced today that it has received permission to repurchase from the United States Department of the Treasury the 10,000,000 shares of the Company’s Fixed Rate Cumulative Perpetual Preferred Stock, Series H that were issued to the U.S. Treasury pursuant to the U.S. Treasury’s Troubled Asset Relief Program (TARP) Capital Purchase Plan.

The repurchase amount, together with accrued dividends, will be paid at a time determined by the U.S. Treasury.

Lloyd C. Blankfein, Chairman and Chief Executive Officer of The Goldman Sachs Group, Inc. said, “We are grateful for the government’s extraordinary efforts and are pleased to be able to return to the U.S. Treasury the funds that were invested in Goldman Sachs.”    » read more »

Chicago, June 9, 2009 – Northern Trust Corporation (Nasdaq: NTRS) announced today that it received authority from the federal government to redeem $1.576 billion in preferred shares issued to the U.S. Department of the Treasury under the TARP Capital Purchase Program. Northern Trust also plans to give notice to the U.S. Department of the Treasury of its intention to purchase a related warrant in accordance with standardized terms of the preferred share issuance agreement.    » read more »

MINNEAPOLIS -- June 9, 2009 -- U.S. Bancorp (NYSE:USB) announced today that it has received approval from the U.S. Treasury Department to redeem the $6.6 billion of preferred stock issued to the Treasury under the Capital Purchase Program of the Emergency Economic Stabilization Act of 2008. Upon completion of the redemption of the preferred stock, U.S. Bancorp will also give notice to the Treasury of its intent to repurchase the 10-year warrant issued in conjunction with the preferred stock, which entitles the Treasury to purchase shares of U.S. Bancorp common stock.    » read more »

Expects to Repurchase Shares in the Coming Weeks

MCLEAN, Va. -- June 9, 2009 -- Capital One Financial Corporation (NYSE: COF) today announced the U.S. Department of the Treasury informed the company that it is ready to process the company’s request to repurchase Treasury’s preferred investment made through Treasury’s Capital Purchase Program (CPP) of the Troubled Asset Relief Program (TARP).

In the coming weeks, Capital One expects to repurchase the $3.55 billion in preferred shares the company issued.

Source: Capital One

June 09, 2009 -- WINSTON-SALEM, N.C., June 9 -- BB&T Corporation (NYSE: BBT) announced today that it has received final regulatory approval to repurchase all the preferred stock sold to the U.S. Department of the Treasury in November 2008. The preferred stock was issued pursuant to the Capital Purchase Program established under the Troubled Asset Relief Program ("TARP"). The company will pay approximately $3.134 billion to the Treasury to repurchase the preferred stock, plus accrued and unpaid dividends.    » read more »

NEW YORK, June 9, 2009 — The Bank of New York Mellon Corporation (NYSE: BK), the global leader in asset management and securities servicing, today confirmed that it is among the first large banks to receive permission to repurchase the preferred stock purchased by the U.S. government last October as part of the TARP capital investment program.

"This news will be welcomed by our clients around the world as well as by American taxpayers, who have realized a very good return on their investment in our company. We appreciate the support that the U.S. government provided to our industry and the overall economy at a critical time," said Robert P. Kelly, chairman and chief executive officer of The Bank of New York Mellon.    » read more »

Company Will Have Tier One Capital Of Approximately $118 Billion, Or 9.3%, And Tier One Common Of Approximately $93 Billion, Or 7.3%, After Repayment Of Tarp

New York, June 09, 2009 -- J.P. Morgan Chase & Co. (NYSE: JPM) confirmed that it has received permission today from U.S. regulators to repay in full the $25 billion preferred investment it accepted through the Troubled Asset Relief Program (TARP). The company plans to repay the funds in full and with accrued dividends at a closing time determined by the U.S. Treasury.    » read more »

Jun 9 2009 -- New York -- "Morgan Stanley is pleased to be repaying its $10 billion in TARP capital with an attractive return for taxpayers.

"We believe this positive development reflects both Morgan Stanley's strong capital position as well as the important systemic role the TARP program played in helping stabilize the U.S. banking system since the height of the financial crisis.

"After exiting the TARP program, Morgan Stanley will continue working closely with the Obama administration, elected officials, our regulators and our peers on the best possible framework to ensure the safety and soundness of the U.S. banking system.

Source: Morgan Stanley

June 3, 2009 -- Washington, DC -- Senator Mike Johanns introduced an amendment today to require Congressional approval for any use of TARP funds that result in the government acquiring any ownership stake in private entities through common or preferred equity stock shares.

"I am extremely troubled that federal funds originally proposed to buy toxic assets in an effort to stabilize the financial markets are now being used as a blank check in ways no one ever dreamed," said Johanns. "Congress has a responsibility and an obligation to the American people to provide appropriate oversight of these funds especially when the result is essentially nationalizing companies. My amendment will restore a system of checks and balances the American people demand of their government."

Background:    » read more »

June 2, 2009 -- New York -- Morgan Stanley (NYSE: MS) today announced that it has priced a public offering of approximately 80.2 million shares of common stock to the public at $27.44 per share for total gross proceeds of approximately $2.2 billion. The underwriter will have a 30-day option to purchase approximately up to an additional 4.0 million shares of common stock from Morgan Stanley.    » read more »

Intended to Satisfy a Supervisory Condition for TARP Repayment Requiring Demonstrated Access to Equity Capital Markets

New York, June 1, 2009 -- JPMorgan Chase & Co. (NYSE: JPM) announced today that it intends to raise $5 billion in common equity to satisfy a supervisory condition that the largest bank holding companies redeeming TARP (Troubled Asset Relief Program) preferred capital demonstrate access to the equity capital markets. While approval has not been granted, the company believes that upon completion of this capital raise it will have satisfied the criteria for fully redeeming the TARP preferred capital and expects to do so before the end of June.    » read more »