Region Bank repays TARP

Region Bank repays TARP

April 5th, 2012 by Staff Report in Business Around the Region

Regions Financial Corp. said Wednesday it has repaid $3.5 billion received during the 2008 financial crisis, the largest outstanding bailout owed by a bank.

The Treasury Department says the government has now been paid back $337 billion of the $415 billion it lent financial institutions and automakers during the crisis under the Troubled Asset Relief Program.

Regions is paying back the government, in part, with proceeds from its $1.2 billion sale of Morgan Keegan & Co., which it sold this week to Raymond James Financial.