Treasury Dept.

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 »

June 9, 2009 -- WASHINGTON – The U.S. Department of the Treasury announced today that 10 of the largest U.S. financial institutions participating in the Capital Purchase Program (CPP) have met the requirements for repayment established by the primary federal banking supervisors. Following consultation with the primary banking supervisor of each institution, Treasury has notified the institutions that they are now eligible to complete the repayment process. If these firms choose to do so, Treasury will receive $68 billion in repayment proceeds.    » read more »

June 4, 2009 -- WASHINGTON – As part of the Obama Administration's effort to create jobs and ease pressures on the housing market, the U.S. Department of the Treasury today announced nearly $135 million in American Recovery and Reinvestment Act (Recovery Act) funding to spur the development of affordable housing units in Iowa, Maine, New Hampshire, Rhode Island, and Washington.

"Today's announcement of housing funds demonstrates how the Recovery Act is putting our nation on the path to economic stability, one community at a time," said Treasury Deputy Secretary Neal Wolin. "This initiative will help to spur construction and development, create much needed jobs, and increase the availability of affordable housing for families around the country."    » read more »

CHARLOTTE, N.C., June 2 -- Bank of America Corporation today said it has raised almost $33 billion towards the $33.9 billion capital buffer identified by the Federal Reserve's Supervisory Capital Assessment Program (SCAP) and now believes it will comfortably exceed that number.

To date, Bank of America has entered into agreements with certain holders of (non-government) perpetual preferred shares to exchange their holdings of approximately $9.5 billion of perpetual preferred stock into approximately 704 million shares of common stock. This results in a total benefit to Tier 1 common capital of $9.5 billion.

Other capital-enhancing elements already achieved include:

* $13.5 billion from the direct sale of common stock.    » 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 »

New GM Expected to Launch in 60-90 Days Under New Ownership

DETROIT, June 1, 2009 - General Motors Corp. (NYSE: GM) today announced that it has reached agreements with the U.S. Treasury and the governments of Canada and Ontario to accelerate its reinvention and create a leaner, stronger "New GM" positioned for a profitable, self-sustaining and competitive future.    » read more »

May 29, 2009 -- Washington – Treasury Secretary Timothy F. Geithner today announced the designation of Richard L. (Dick) Gregg to serve as Acting Fiscal Assistant Secretary. Gregg will assume the post on Monday while Kenneth E. Carfine, the current Fiscal Assistant Secretary, is on extended medical leave.

"Under these difficult personal circumstances and at a time of great challenge in our economy, we are fortunate to have Dick Gregg return to Treasury," said Secretary Geithner. "Prior to his retirement, Dick had served Treasury with great distinction for 36 years. Dick is well recognized for his leadership, his transformation of organizations and programs, his commitment to open communication, and a team approach," added Secretary Geithner.    » read more »

2009-05-31 -- General Motors (NYSE: GM) announced today that the U.S. Department of the Treasury has informed the company that the support of more than 54% of the bondholders allows GM to proceed with the 363 Sale Proposal announced in a Form 8-K filing on May 28, 2009.    » read more »

2009-05-28 -- "The U.S. Treasury proposal announced today provides incentives for GM's unsecured bondholders to support GM's restructuring efforts in the event GM decides to pursue a 363 sale as part of a bankruptcy proceeding.

Implementation of this proposal would result in a New GM with a healthy balance sheet, putting the new company on a clear path toward long-term viability and success.

GM appreciates the unwavering support of the U.S. Treasury and the President's Task Force on Autos and thanks the unofficial committee of bondholders for their support of the proposal."

Source: GM

Awards Announced Under New Markets Tax Credit Program

May 27, 2009 -- BOSTON– Just 100 days since the President signed into law the American Recovery and Reinvestment Act (Recovery Act), Treasury Secretary Tim Geithner today announced $1.5 billion in New Markets Tax Credit (NMTC) awards for 32 organizations throughout the country.

With resources made possible through the Recovery Act, the NMTC Program injects private-sector capital investment into communities around the country to create jobs, stimulate economic growth, and jumpstart the lending necessary for financial stability. The awardees announced today are planning investments in renewable energy projects, charter schools, health care facilities, manufacturing companies and retail centers.    » read more »

May 27, 2009 -- Washington, D.C. -- Senator John D. (Jay) Rockefeller IV fought to include the New Markets Tax Credit Program in the American Recovery and Reinvestment Act (ARRA) and issued the following statement after Treasury Secretary Timothy Geithner today announced the additional $1.5 billion in funding:

“I applaud Secretary Geithner and the Obama Administration for delivering additional funding for the New Markets Tax Credit Program. I worked to create this program in 2000 and fought to include additional funding in the Recovery Act in 2009. For our economy to truly improve we need to focus on creating jobs in the areas hit hardest by the economic downturn, and the $1.5 billion in the New Markets Tax Credit Program will go a long way toward achieving that.”    » read more »

2009-05-27 -- DETROIT - General Motors Corp. (NYSE: GM) today announced the expiration of its exchange offers for $27.2 billion of its unsecured public notes and the related consent solicitations that were commenced on April 27, 2009. No further tenders of notes will be accepted and any notes previously tendered pursuant to the exchange offers will be promptly returned to the tendering holders.    » read more »