Feds selling stake in Georgia bank, six others (winding down TARP)

Source: Atlanta Journal-Constitution

The federal government, which is trying to wind down the nearly 4-year-old bank rescue program known as TARP, plans to auction off its stake in seven U.S. banks next week, including one from Georgia.

The U.S. Treasury Department plans to sell its shares in the parent company of Moultrie-based Ameris Bank and the six other institutions as early as Monday.

Ameris, which received $52 million in TARP funds is among the state’s stronger community banks, and has been one of the more active purchasers of failed Georgia banks during the crisis.

TARP's eventual wrap-up would bring to a close one controversial chapter in a series of unprecedented steps started under former President Bush and expanded under the Obama administration to stave off financial Armageddon.

Read more: http://www.ajc.com/business/feds-selling-stake-in-1454117.html