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Lindley Estes is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Lindley Estes.

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Seven banks with local presence haven’t paid back TARP

StellarOne Corp., Union First Market Bankshares Corp., M&T Bank Corp., Community Bankers Trust Corp (parent of Essex Bank), Eastern Virginia Bankshares, Virginia Commerce Bancorp and SunTrust Bank still have investments from the Troubled Asset Relief Program on their books, according to Treasury Department data.

I reviewed the data today after reading a Wall Street Journal article this morning on the more than 600 banks that haven’t redeemed the U.S. Treasury Department’s investment. The TARP program, which passed in October 2008 to shore up the U.S. banking system, officially expires Monday, but banks don’t have a deadline for when they need to repay the government. In the meantime they pay the Treasury Department a 5 percent dividend on the TARP funds. That rises to 9 percent in 2013.

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Permalink: http://news.fredericksburg.com/businessbrowser/2010/09/30/seven-banks-with-local-presence-havent-paid-back-tarp/