The federal government is working to wind down the bank-rescue called the Troubled Asset Relief Program. Three Georgia banks have repaid the government’s investment, but roughly two dozen still have not. And 2011 was a rough year for Georgia banking, with regulators shuttering 23 institutions, the most in the nation.
Atlanta-based SunTrust bank has bought nearly $11 million of government-owned stock warrants that were part of the federal TARP program. The bank repaid $5 billion in federal aid in March, which covered the government’s preferred stock holdings. Thursday’s buyback is for a portion of the common stock warrants held by the Treasury Department.
Atlanta-based SunTrust Banks outlined Friday its plan to repay nearly $5 billion in federal aid it received during the financial bailout. SunTrust began selling $1 billion in new stock and will soon issue $1 billion in new debt to fund the repayment plan.