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Treasury Loses Money In Auction Of Six Small-Bank Shares

By Andrew Ackerman Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- The Treasury Department on Thursday announced that it lost money in the public offering of its preferred stock in six small banks this week, though the department netted a profit when counting dividends and interest paid on the investments made during the financial crisis. In the first-ever auction of preferred stock through the Troubled Asset Relief Program, the Treasury recouped about $362 million of the $410.9 million it invested in the six small banks. But the department said total income to taxpayers--counting dividends and interest along with auction proceeds--was $426.4 million. More than three years after the launch of TARP, the federal government still owns stakes in about 350 banks. While the biggest institutions have long since paid back their rescue funding, many smaller banks have been slow to exit the government. The divide in part reflects the difficulties faced by many Main Street banks, often saddled with poorly performing commercial real estate loans and limited ability to raise new funds. Together with weak regional economies and a tough lending environment, the banks have not been able to exit TARP. Before this week's transactions, $16.42 billion was outstanding under TARP's Capital Purchase Program, the main federal effort to help stabilize financial markets. The Treasury sold its stakes in six banks as it looks to recoup its investment. The six have kept up on dividend and interest payments to the Treasury, making them relatively healthy compared with institutions that have skipped payments in an effort to hold on to cash. The six banks were Banner Corp. (BANR) of Walla Walla, Wash., First Financial Holdings Inc. (FFCH) of Charleston, S.C.; MainSource Financial Group Inc. (MSFG) of Greensburg, Ind.; Seacoast Banking Corp. of Florida (SBCF) of Stuart, Fla.; Wilshire Bancorp Inc. (WIBC) of Los Angeles; and WSFS Financial Corp. (WSFS) of Wilmington, Del. -By Andrew Ackerman; Dow Jones Newswires; 202-569-8390;

Stock News for Wilshire Bancorp (WIBC)
07/19/201611:54:48Current Report Filing (8-k)
07/18/201617:42:19Wilshire Bancorp Reports Net Income of $17.4 Million or $0.22...
07/14/201616:20:13Current Report Filing (8-k)
07/14/201616:05:00Delisting of Wilshire Bancorp, Inc. Common Stock
07/14/201616:01:00BBCN and Wilshire Announce Shareholder Approvals of Merger
06/30/201609:00:00Wilshire Bancorp, Inc. Announces Second Quarter 2016 Earnings...
05/26/201616:22:28Current Report Filing (8-k)
05/26/201616:05:00Wilshire Bancorp Declares $0.06 Cash Dividend
05/20/201616:08:38Current Report Filing (8-k)
05/18/201606:03:27Filing of Certain Prospectuses and Communications in Connection...
05/17/201608:00:00BBCN Bank Receives Regulatory Approvals for Wilshire Bank Merger
05/13/201617:30:00BBCN and Wilshire Announce New Name of Combined Company and Senior...
05/02/201617:01:53Quarterly Report (10-q)
04/28/201616:29:56Amended Annual Report (10-k/a)
04/19/201615:42:30Current Report Filing (8-k)
04/18/201616:53:32Amended Current Report Filing (8-k/a)
04/18/201616:50:47Filing of Certain Prospectuses and Communications in Connection...
04/18/201616:05:00Wilshire Bancorp Reports Net Income of $13.2 Million or $0.17...
04/14/201606:04:42Filing of Certain Prospectuses and Communications in Connection...
04/11/201617:04:59Amended Annual Report (10-k/a)

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