Bank Holding Companies Repurchase Warrants from U.S. Treasury

On June 9, 2009, the U.S. Treasury announced that the following bank holding companies (BHCs) would be allowed to repay their TARP funds. On June 17, all of these BHCs repaid their funds. To exit this program completely, they also had to repurchase the Treasury’s warrants to buy back their stock. For the exception of Capital One and JP Morgan Chase, all of these BHC’s have repurchased their warrants. In December, the U.S. Treasury will auction off stock warrants from Capital One and JP Morgan Chase. Due to the restrictions imposed with the TARP funds – primarily how much banks can pay their most highly compensated executives – many banks were eager to exit the TARP Program.

Click on the bank links to see their press releases about repurchasing warrants issued to the U.S. Treasury:

	Date Repurchased Warrants		Total amount warrants repurchased
American Express	7/29/09		$340,000,000
BB&T	7/22/09		$67,010,402
Bank of New York Mellon	8/5/09		$136,000,000
Capital One Financial	None repurchased		Treasury will auction off warrants in December 2009.
Goldman Sachs Group	7/22/09		$1,100,000,000
JP Morgan Chase	None repurchased		Treasury will auction off warrants in December 2009.
Morgan Stanley	8/12/09		$950,000,000
State Street	7/8/09		$60,000,000
U.S. Bancorp	7/15/09		$139,000,000

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