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6 banks repay bailouts worth $2.66 billion (AP)

WASHINGTON – Six banks have repaid government bailouts worth a combined $2.66 billion, the Treasury department said Wednesday.

The banks are returning taxpayer money that they received in the aftermath of the 2008 financial crisis.

Huntington Bancshares, First Horizon National Corp., Wintrust Financial Corp., Susquehanna Bancshares Inc., Heritage Financial Corp. and The Bank of Kentucky Financial Corp. all paid back the money they owed.

Treasury requires banks wishing to repay their bailouts to raise money from private investors first. That shows that the banks are strong enough to stand on their own.

The banks also paid the government a total of $13.7 million in dividends that they owed in exchange for the loans.

Banks and financial institutions still owe the Treasury about $155 billion in bailout money. The government disbursed a total of $389 billion. Including today’s repayments, private companies have returned a total of $234 billion.

This news, 6 banks repay bailouts worth $2.66 billion
(AP)
extract from US Economy

Short URL: http://www.usnews9.com/?p=5136

Posted by on Dec 25 2010. Filed under Business. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry
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