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ChartWatch - 8 companies missed November TARP dividend payment

Eight banking institutions missed the November quarterly TARP preferred stock dividend payment as required under the Capital Purchase Program, according to a Dec. 9 report from the Treasury. These same institutions also missed the last quarterly payment back in August.

Twelve companies now remain in the CPP; the Treasury holds preferred stock stakes in nine companies, subordinated debt in one company and has converted preferred stock into common equity in two other companies — San Juan, Puerto Rico-based First BanCorp. and Los Angeles-based Broadway Financial Corp.

St. Louis-based St. Johns Bancshares Inc. was the only company that paid its November preferred stock dividend.

In aggregate, the nine companies that missed dividend or interest payments in November have $32.4 million in noncurrent payments, of which $16.3 million is in cumulative dividends, $6.8 million is in noncumulative dividends and almost $9.3 million is in accrued interest. The Treasury has received $12.13 billion in dividend and interest payments on securities issued under the CPP as of Nov. 30.

SNL Image

SNL Image

SNL Image

Click here to download a customizable Excel file containing additional details on TARP dividend and interest deferrals. Click here to view a map for CPP participants that missed dividend or interest payments in November 2016.

TARP-related details for banks are disclosed in company filings and Treasury reports. These details can be accessed under the "U.S. government program participation" section of a company's briefing book page on the SNL website or in SNLxl. You can also access information on U.S. financial stability programs from the Industries section of SNL's website.