Treasury raises $62.4mn in TARP bank share offering

WASHINGTON: The US Treasury said on Friday it had raised $62.4 million from an offering of preferred shares in four banks that received bailout funds from its Troubled Asset Relief Program.

TARP, which was not actually used to buy troubled assets as originally intended, helped support ailing financial institutions during the crisis.

The banks involved in the latest transaction were BNC Bancorp, First Community Corporation, First National Corporation and Mackinac Financial Corporation.