Money Talk: 100 Banks Still Remain In TARP Program

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100 BANKS STILL REMAIN IN TARP PROGRAM: As of June 30, 2015, 100 institutions still remained in the Troubled Asset Relief Program (TARP) that allowed the U.S. government to purchase assets and equity from financial institutions to keep the nation’s banking sector from collapsing, according to a quarterly report to Congress.

Today, there are 25 banks remaining in the Capital Purchase Program (“CPP”) with principal investments owned by the Treasury; 11 CPP banks for which Treasury now holds only warrants to purchase stock; 64 banks and credit unions in the Community Development Capital Initiative (“CDCI”).

At the same time, 233 banks and credit unions had exited and paid back a portion or all of their principal or had repurchased their shares. Another 137 CPP banks refinanced their TARP holdings in a program known as the Small Business Lending Fund.

FEDERAL BANKING AGENCIES TO HOLD OUTREACH MEETING: Federal banking agencies will hold an outreach meeting on Monday, Oct. 19, at the Federal Reserve Bank of Chicago as part of their regulatory review under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA).

The meeting is the fifth in a series of outreach sessions that the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, and the Office of the Comptroller of the Currency are holding throughout the country. The meeting will feature panel presentations by bankers and consumer and community groups. Interested persons may also present their views on any of the 12 categories of regulations listed on this web site.

IRS REMINDS TAXPAYERS OF OCT. 15 EXTENSION DEADLINE: The Internal Revenue Service is urging taxpayers whose tax-filing extension runs out on Oct. 15 to double-check their returns for often-overlooked tax benefits and then file their returns electronically using IRS e-file or the Free File system. About a quarter of the 13 million taxpayers who requested an automatic six-month extension this year have yet to file.

Although Oct. 15 is the last day for most people, some still have more time, including members of the military and others serving in combat zone localities who typically have until at least 180 days after they leave the combat zone to both file returns and pay any taxes due.

BEAR STATE NAMES NEW CEO, COMPLETES ACQUISITION OF MISSOURI BANK: Bear State Financial Inc. on Thursday announced the appointment of Mark McFatridge as CEO of the Arkansas banking concern, also reserving a spot for the Missouri banking executive on the publicly-traded financial group’s board of directors. At the same time, Bear State Financial, parent company of Bear State Bank, also announced the completion of the acquisition of Metropolitan National Bank in Springfield, Mo., where McFatridge previously served as the former CEO.

FEDERAL HOUSING PROGRAM AIDS 10 LOW-INCOME HOMEBUYERS IN NORTHWEST ARKANSAS: A $69,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) and member institution Simmons First National Bank will help 10 very low-income families afford new homes through the Universal Development Housing Corporation (UHDC). The AHP funds will be used for down-payment and closing-cost assistance for participants in the Mutual Self-Help Program. UHDC’s Mutual Self-Help Program enables families to help build each other’s homes. They keep costs low by providing ‘sweat equity’ while working under the guidance of a construction supervisor.