Capital One receives permission to return TARP money
- June 9, 2009
Capital One Financial Corp. is one of 10 banks that have received approval to repay funds received under the U.S. Treasury’s Troubled Asset Relief Program.
Capital One, a banking and credit card company based in McLean, announced Tuesday it expects to repurchase the $3.55 billion in preferred shares that the government owns over the next few weeks.
On Tuesday, 10 of the country’s biggest banks received approval to return a total of $68 billion in bailout money to the government. Many of these companies were encouraged to take the money.
Capital One passed the government’s “stress test” in May, which was performed on 19 U.S. financial institutions. The results indicated Capital One did not need to raise additional capital.