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- With 80 lenders still owing the government $2B from TARP financing they received during the financial crisis, 27 of them have until the end of next week to repay the loans or face an increase in interest rates.
- The quarterly dividend payment they would have to pay the Treasury is set to increase to 9% of the loan balance outstanding from 5%. The rise will hit another 32 banks by mid-May.
- Banks that are returning the money include Buffalo-based Crazy Woman Creek Bancorp (CRZY) and Virginia-based First Capital Bancorp (FCVA).
- However, other banks don't have the means to repay the loans just yet, increasing the risk that they might fail or have to sell themselves.
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Jun. 5, 2012, 11:26 AMThe Treasury continues the process of winding down TARP, saying it plans to auction stakes in seven banks that received bailout money. The banks are Ameris Bancorp (ABCB), Farmers Capital (FFKT), First Capital Bancorp (FCVA), First Defiance Financial (FDEF), LNB Bancorp (LNBB), Taylor Capital (TAYC) and United Bancorp (UBCP). | 1 Comment
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