Gov't selling stakes in 12 bailed-out US banks
WASHINGTON (AP) - July 23, 2012 (WPVI) -- The government is selling its stakes in 12 small U.S. banks bailed out during the 2008 financial crisis.
The Treasury Department says the auctions of preferred stock will start Monday and go through Thursday.
The government lent $415 billion to financial institutions and automakers under the Troubled Asset Relief Program, or TARP. Roughly $245 billion went to 707 small banks.
The 12 banks received a total $324 million.
The government has received about $344 billion so far from bailed-out institutions. It still owns stakes in 325 banks.
The 12 banks are CBS Banc-Corp., Commonwealth Bancshares Inc., Diamond Bancorp Inc., Exchange Bank, Fidelity Financial Corp., First Community Financial, First Western Financial Inc., Market Street Bancshares Inc., Marquette National Corp., Premier Financial Bancorp Inc., Park Bancorporation and Trinity Capital Corp.
banking, bailout, business/finance
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