And then there were none: Wells Fargo to repay TARP

Filed under: Company News, Citigroup, Wells Fargo & Co.

Wells Fargo (WFC) plans to follow Citigroup’s (C) lead and repay the money it owes to the TARP fund. Wells Fargo is the last large bank that owes money to the government, and said it had received approval to repay the $25 billion it owes. Part of the money will come from a stock offering of $10.4 billion. The bank said that the repayment would save it $1.25 billion in annual preferred stock payments.

After the news of the repayments from the two huge banks, Treasury Secretary Geithner said in a statement, “With the recent announcements on repayments, we are now on track to reduce TARP bank investments by more than 75 percent, while earning a healthy profit on that commitment.” The Treasury Department added, “Today’s announcements mean that more than $185 billion of the $245 that TARP invested in banks is now slated to be returned to taxpayers — with $90 billion scheduled to come back just in this month alone.”

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And then there were none: Wells Fargo to repay TARP originally appeared on DailyFinance on Tue, 15 Dec 2009 05:00:00 EST. Please see our terms for use of feeds.

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