Thursday, December 20, 2012

TARP’s Smallest Recipient Repays, Treasury Reaps $62,000

From Real Time Economics:
The U.S. Treasury turned a profit on one of its smallest bank rescues.

Lost in the shuffle of billions of dollars recovered from American International Group Inc. and General Motors Co.’s bailout: Freeport State Bank.

While AIG and GM were the two biggest recipients of Troubled Asset Relief Program funds, Freeport was one of the smallest. It got $301,000 under TARP’s main bank rescue–the tiniest sum among the 707 institutions that signed up back in 2008 and 2009.

On Wednesday, it repaid in full, according to the Treasury Department. Along the way the Harper, Kan., bank paid $61,910 in dividends. So taxpayers made a small profit.