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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; andrew.ackerman@dowjones.com

Stock News for Wilshire Bancorp (WIBC)
DateTimeHeadline
01/29/201608:00:00Wilshire Bancorp to Participate in FIG Partners’ 7th Annual W...
01/27/201616:50:51Amended Statement of Ownership (sc 13g/a)
01/26/201614:20:00WILSHIRE BANCORP INC. SHAREHOLDER ALERT: Rigrodsky & Long, P.A...
01/26/201612:54:18Current Report Filing (8-k)
01/25/201616:30:00BBCN Bancorp Reports Strong Financial Results for 2015 Fourth...
01/25/201616:05:00Wilshire Bancorp Reports Net Income of $13.9 Million or $0.18...
01/22/201619:47:00Lifshitz & Miller Law Firm Announces Investigation of GoPro Inc...
01/07/201616:00:00Wilshire Bancorp, Inc. Announces 2015 Fourth Quarter and Year...
01/04/201606:03:22Filing of Certain Prospectuses and Communications in Connection...
01/04/201606:03:21Current Report Filing (8-k)
12/31/201506:06:31Filing of Certain Prospectuses and Communications in Connection...
12/17/201509:00:00Hanmi Financial Withdraws Proposal to Combine With BBCN Bancorp
12/16/201520:35:00SHAREHOLDER ALERT: Brodsky & Smith, LLC Announces Investigation...
12/16/201515:12:00INVESTOR ALERT: Levi & Korsinsky, LLP Notifies Shareholders of...
12/09/201515:51:00WIBC SHAREHOLDER ALERT: The Law Offices of Vincent Wong Launches...
12/09/201510:42:00Ryan & Maniskas, LLP Announces Investigation of Wilshire Bancorp...
12/08/201516:55:00WeissLaw LLP: Wilshire Bancorp, Inc.'s Board May Not Be Acting...
12/08/201513:32:00SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Shareholders...
12/08/201506:03:28Filing of Certain Prospectuses and Communications in Connection...
12/08/201506:02:59Current Report Filing (8-k)

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