Friday, August 17, 2012

Treasury to auction Bank of North Carolina's TARP investment

The U.S. Treasury announced today that it intends to auction the bailout-program investment it has in High Point-based BNC Bancorp, the parent company of Bank of North Carolina.

The government has increasingly looked to do this as a way to speed the ending of the politically unpopular program, also known as the Troubled Asset Relief Program or TARP.

As last reported, BNC had about $31 million in TARP money remaining.

While the Treasury could take a loss on TARP investments it auctions, it reports already making a profit on the program. The government says it has gotten back $265 million in principal and interest payments, compard with a $245 million initial investment. About 300 banks still have bailout money.

The auction will be run by Bank of America Merrill Lynch and Sandler O’Neill.

Bank of North Carolina opened a new Charlotte branch in April and announced the acquisition of a small Charlotte commercial bank in June.


Anonymous said...

Bank of North Carolina not Bank of North CAROLIAN!!!!

Why in the "hell" is the auction being run by the disgraceful and crooked Bank of America Merrill Lynch and Sandler O'Neill. There must be something "rotten" in this auction.

Anonymous said...

Agree 10:39 - yet another back door way to funnel cash into Bank of Scamerica.