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Report: Wells Fargo to repay TARP

By Anonymous

From the WSJ: Wells Fargo to repay entire $25 billion in bailout aid, use proceeds from $10.4 billion stock sale.

The last of the big banks ...

Press Release from Wells Fargo: Wells Fargo to Repay Entire $25 Billion TARP Investment; Announces $10.4 Billion Common Stock Offering

Wells Fargo & Company announced today that, pursuant to terms approved by U.S. banking regulators and the U.S. Treasury, it will redeem the $25 billion of series D preferred stock issued to the U.S. Treasury in October 2008 under the government?s Troubled Asset Relief Program (TARP), upon successful completion of a $10.4 billion common stock offering.

?TARP stabilized our country?s financial system when confidence in financial markets around the world was being tested unlike any other period in our history. Its success also generated financial returns for taxpayers, including $1.4 billion in dividends paid to the U.S. Treasury by Wells Fargo,? said Wells Fargo President and CEO John Stumpf. ?Now we?re ready to fully repay TARP in a way that serves the interests of the U.S. taxpayer, as well as our customers, team members and investors.?

Full post as published by Calculated Risk on December 14, 2009 (boomark / email).