Zions Bancorp repays remaining $700M on bailout
WASHINGTON (AP) -- The Treasury Department says regional bank company Zions Bancorp has repaid the $700 million it still owed for the federal bailout it received in the financial crisis.
Salt Lake City-based Zions was among hundreds of banks that received bailouts in late 2008 after their bad loans mounted, under Treasury's Troubled Asset Relief Program, or TARP. In the first quarter, Zions repaid the first $700 million of the $1.4 billion it received.
Treasury said Wednesday that Zions also has paid $253 million in dividends. The government still holds warrants to buy Zions common stock, which it expects to sell for an additional return.
About $245 billion went to 707 banks under TARP. Treasury says it's now recovered around $266 billion from banks' repaid loans, dividends and interest.