SunTrust’s TARP Exit Bolsters Hopes
Monday, May 16th, 2011
Following SunTrust Banks’ recent repayment of nearly $5 billion in federal aid issued during the economic collapse, other state banks are floating hints of paying back taxpayers.
Each of the next two biggest banks based in Georgia — Synovus Financial and United Community Banks — has indicated recently that it is forming plans to shed its partial government ownership. But neither has given a time frame.
More than two dozen Georgia institutions received aid during the crisis through the Troubled Asset Relief Program, totaling about $6.3 billion. Three, including SunTrust, have fully repaid TARP, though the vast majority of TARP banks are making scheduled dividend or interest payments.
