N.C. banks have $400 million in TARP outstanding

Three years after the U.S. government's bank bailout, nearly two-dozen North Carolina-based banks still have $409 million in TARP money on their books.

In late 2008, the government began purchasing $204.9 billion of preferred stock and warrants in 707 banks through TARP's Capital Purchase Program. Through Thursday, the Treasury had received $211 billion in repayments and interest and dividends.

But it still has $16.8 billion outstanding from 372 banks, according to research from financial services firm Keefe, Bruyette and Woods.

Birmingham, Ala., based Regions Financial Corp. has the most outstanding TARP money, with $3.5 billion. The bank has a modest presence in Charlotte.

Among North Carolina-based banks, Greensboro's NewBridge Bancorp has the most, at $52 million.

The rest are as follows, per KBW's data:

• FNB United, Asheboro: $52 million (though this is being converted to common stock at a discount as part of the bank's recapitalization and merger)
• Yadkin Valley Financial Corporation, Elkin: $49 million
• Southern Community Financial Corp., Winston-Salem: $43 million
• BNC Bancorp (Bank of North Carolina), Thomasville: $31 million
• Peoples Bancorp of North Carolina Inc., Newton: $25 million
• Crescent Financial Corp., Cary: $25 million
• ECB Bancorp Inc., Engelhard: $18 million
• F & M Financial Corp., Salisbury: $17 million
• 1st Financial Services Corp., Hendersonville: $16 million
• Carolina Bank Holdings Inc., Greensboro: $16 million
• Bank of the Carolinas, Mocksville: $13 million
• Uwharrie Capital Corp., Albemarle: $10 million
• Oak Ridge Financial Services Inc., Oak Ridge: $8 million
• The Little Bank Inc., Kinston: $8 million
• Randolph Bank & Trust Co., Asheboro: $6 million
• KS Bancorp Inc., Smithfield: $4 million
• Carolina Trust Bank Inc., Lincolnton: $4 million
• AB&T Financial Corp., Gastonia: $4 million
• Sound Banking Co., Morehead City: $3 million
• Bank of Commerce, Charlotte: $3 million
• The Bank of Currituck, Moyock: $2 million