Summary Box: Govt loses $50M on small bank stocks

AP News
Posted: Mar 29, 2012 4:49 PM
Summary Box: Govt loses $50M on small bank stocks

GOVERNMENT LOSS: The government lost about $50 million on its sale of stock in six small banks bailed out in the 2008 financial crisis. But the Treasury Department says the investment was profitable after counting dividends and interest.

TARP TALLY: The overall $16.6 million profit from the investment will help offset losses in the broader financial bailout, known as the Troubled Asset Relief Program.

THE BANKS: Stock was sold in Banner Corp. of Walla Walla, Wash.; First Financial Holdings Inc., Charleston, S.C.; MainSource Financial Group Inc., Greensburg, Ind.; Seacoast Banking Corp. of Florida, Stuart, Fla.; Wilshire Bancorp Inc., Los Angeles; and WSFS Financial Corp., Wilmington, Del.