PNC Bank Repays $7.6 Billion in TARP Funds

This story appeared in Bank Digest.

The Treasury Department has announced it has received full repayment on its Troubled Asset Relief Program investment in PNC Bank in the sum of $7.6 billion, bringing the total amount of repaid TARP funds to more than $173 billion. The Treasury now estimates that total bank repayments and proceeds from sales of its common stock in banks should exceed $185 billion by the end of 2010, cutting total taxpayer exposure to the banks by three-quarters.