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5/12/2020 Two Banks Repay $210 Million in TARP Funds, Provide Additional Positive Return on TARP Bank Programs for Taxpayers U.S. DEPARTMENT OF THE TREASURY Press Center Two Banks Repay $210 Million in TARP Funds, Provide Additional Positive Return on TARP Bank Programs for Taxpayers 11/23/2011 WASHINGTON – The U.S. Department of the Treasury announced that the following two financial institutions have repurchased Troubled Asset Relief Program (TARP) Capital Purchase Program (CPP) investments, delivering a total of $210 million in proceeds today for taxpayers. Bank of Kentucky Financial Corporation (Crestview Hills, KY): Repurchased all outstanding CPP preferred shares from Treasury’s original investment in the institution totaling $17.0 million and paid accrued dividends totaling $18,888. (Total Proceeds Today for Taxpayers: $17.0 million) Including today’s transaction, taxpayers received total dividends of $3.9 million from Bank of Kentucky Financial Corporation over the life of this $34.0 million TARP investment. Note: Bank of Kentucky Financial Corporation also repurchased CPP preferred shares totaling $17 million on December 22, 2010. First Midwest Bancorp, Inc. (Itasca, Illinois): Repurchased all outstanding CPP preferred shares from Treasury’s original investment in the institution totaling $193.0 million and paid accrued dividends totaling $214,444. (Total Proceeds Today for Taxpayers: $193.2 million) Including today’s transaction, taxpayers received total dividends of $28.6 million from First Midwest Bancorp, Inc. over the life of this $193.0 million TARP investment. Treasury continues to hold warrants to purchase common stock in Bank of Kentucky Financial Corporation and First Midwest Bancorp, Inc. – the disposition of which would provide an additional return to the American taxpayer from Treasury’s investment beyond the dividend payments it received on the related preferred stock. In March 2011, Treasury announced that TARP’s bank programs turned a profit. Since that time, further repayments and income through TARP’s bank programs, such as the payment announced today, provide additional positive returns for taxpayers. With today’s proceeds, taxpayers have now recovered more than $258 billion from TARP’s bank programs through repayments, dividends, interest, and other income. That exceeds the original financial support Treasury made through those programs ($245 billion) by approximately $13 billion. https://www.treasury.gov/press-center/press-releases/Pages/tg1369.aspx 1/2 5/12/2020 Two Banks Repay $210 Million in TARP Funds, Provide Additional Positive Return on TARP Bank Programs for Taxpayers https://www.treasury.gov/press-center/press-releases/Pages/tg1369.aspx 2/2
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