UPDATE:Treasury Provides GM $2 Billion; Announces TARP Repayments
April 24 2009 - 12:53PM
Dow Jones News
The U.S. Treasury Department has provided General Motors Corp.
(GM) $2 billion in working capital and several more banks have
repaid hundreds of millions of dollars in government aid, according
to a new transaction report Treasury released Friday.
A Treasury official confirmed a watchdog report released earlier
this week that said the federal government is considering giving GM
up to $5 billion and Chrysler LLC up to $500 million in short-term
aid.
Friday's Treasury report shows that Treasury has already
provided GM $2 billion of that aid as the troubled auto maker works
to restructure.
Meanwhile, Treasury announced that four additional banks have
returned a total of $569.2 million in TARP funds to the Treasury
Department. The banks include TCF Financial Corp. (TCB), FirstMerit
Corp. (FMER), Independent Bank Corp. (INDB), and First ULB Corp.
First ULB paid back their warrants. The other three banks refunded
their investments.
Last month, five other banks - Iberiabank Corp. (IBKC), Bank of
Marin Bancorp (BMRC), Old National Bancorp (ONB), Signature Bank
(SBNY) and Central Financial Holdings - repaid a total of $353
million.
-By Maya Jackson Randall, Dow Jones Newswires; 202-862-9255,
maya.jackson-randall@dowjones.com