Troubled Asset Relief Program - Participants

Participants

See also: Supervisory Capital Assessment Program

The banks agreeing to receive preferred stock investments from the Treasury include Goldman Sachs Group Inc., Morgan Stanley, J.P. Morgan Chase & Co., Bank of America Corp. (which had just agreed to purchase Merrill Lynch), Citigroup Inc., Wells Fargo & Co., Bank of New York Mellon and State Street Corp. The Bank of New York Mellon is to serve as master custodian overseeing the fund.

As of 2009, the U.S. Treasury has not yet released an official list of TARP recipients (though it periodically announces recipients in batches). News organizations ProPublica and the New York Times have kept lists of the recipients based on Treasury and individual institution announcements. Beneficiaries of TARP include the following:

Company	Preferred Stock purchased (billions USD)	Assets guaranteed (billions USD)	Repaid TARP money (billions USD)	Additional details
Citigroup	$45	$306	Partial ($20);	Two allocations: $25 on October 28, 2008 and $20 in January 2009. The rest was converted to common equity which was sold by the Treasury Department over time with the final sale taking place in December 2010 at a $12 billion profit.
Bank of America	$45	$118	Y	Two allocations: $25 on October 28, 2008, and $20 in January 2009
AIG (American International Group)	$40		$36
JPMorgan Chase	$25		Y	October 28, 2008
Wells Fargo	$25		Y	October 28, 2008
GMAC Financial Services (Ally)	$17.3		–	Three TARP transactions made: $5 billion, $7.5 billion, and $4.8 billion. Now renamed to Ally Financial.
General Motors	$13.4		Y	Total loan portion repaid with interest to U.S. & Canadian governments as of April 21, 2010 (2010-04-21), ; $2.1 billion in preferred stock and 61 percent common equity share outstanding
Goldman Sachs	$10		Y	October 28, 2008
Morgan Stanley	$10		Y	Repaid June 17, 2009
PNC Financial Services Group	$7.579		Y	Bought longtime rival National City Corp. within hours of receiving TARP money. Announced on February 2, 2010, that it would repay its TARP loan.
U.S. Bancorp	$6.6		Y
Chrysler	$4		Y	Although Chrysler repaid their loans, the Treasury sold its 6% stake in the company to Fiat at a $1.3 billion loss.
Capital One Financial	$3.555		Y
Regions Financial Corporation	$3.5		Y	Repaid April 4, 2012
American Express	$3.389		Y
Bank of New York Mellon Corp	$2 to $3		Y
State Street Corporation	$2 to $3		Y
Discover Financial	$1.23		Y

Of these banks, JPMorgan Chase & Co., Morgan Stanley, American Express Co., Goldman Sachs Group Inc., U.S. Bancorp, Capital One Financial Corp., Bank of New York Mellon Corp., State Street Corp., BB&T Corp, Wells Fargo & Co. and Bank of America repaid TARP money. Most banks repaid TARP funds using capital raised from the issuance of equity securities and debt not guaranteed by the federal government. PNC Financial Services, one of the few profitable banks without TARP money, planned on paying their share back by January 2011, by building up its cash reserves instead of issuing equity securities. However, PNC reversed course on February 2, 2010, by issuing $3 billion in shares and $1.5-2 billion in senior notes in order to pay its TARP funds back. PNC also raised funds by selling its Global Investment Services division to crosstown rival The Bank of New York Mellon.

In a January 2012, review, it was reported that AIG still owed around $50 billion, GM about $25 billion and Ally about $12 billion. Break even on the first two companies would be at $28.73 a share versus then-current share price of $25.31 and $53.98 versus then-current share price of $24.92, respectively. Ally was not publicly traded. The 371 banks that still owed money include Regions ($3.5 billion), Zions Bancorporation ($1.4 billion), Synovus Financial Corp. ($967.9 million), Popular, Inc. ($935 million), First BanCorp of San Juan, Puerto Rico ($400 million) and M&T Bank Corp. ($381.5 million).