- James I. Clark III
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TARP Banks Lending on the Rise
Eleven American banks that received money from the Troubled Asset Relief Program (TARP) originated 13 percent more loans in December than they had the previous month. The Department of the Treasury released this information in its monthly survey of loans made by recipients of the $700 billion government bailout money.
According to the Treasury Department, total loan balances fell one percent during the same timeframe. This report does not include statistics from banks that repaid their TARP funds in June of 2009; future reports will not include data from banks that are exiting the TARP program.
A total of $178.1 billion in new loans was made during December, according to the Treasury. Bank of America led the pack in originating loans, with $64.6 billion, an 11 percent increase over November. Wells Fargo & Company occupied second place with a six percent increase, reporting $58.3 billion in new loans. Citigroup lent $16.3 billion, an 11 percent increase.