Business Finance

US Makes $62.4M on Sale of Stock in 4 Small Banks

Friday Aug 24, 2012

WASHINGTON (AP) - The government says it made $62.4 million on the sale of its stock in four small banks that were bailed out during the 2008 financial crisis.

The Treasury Department announced Friday the results of its latest auction of its preferred stock in small banks. The profits will help offset losses in the broader financial bailout, known as the Troubled Asset Relief Program. The government loaned $415 billion to financial institutions and automakers under TARP. About $245 billion went to 707 small banks.

Treasury says it's recovered $266 billion from its TARP bank investments from repaid loans, dividends and interest.

The four banks are BNC Bancorp, based in High Point, N.C.; First Community Corp., Lexington, S.C.; First National Corp., Strasburg, Va.; and Mackinac Financial Corp., Manistique, Mich.

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