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