Northern Trust Corporation received authority from the federal government to redeem USD1.576 billion in preferred shares issued to the U.S. Department of the Treasury under the TARP Capital Purchase Program.
Northern Trust also plans to give notice to the U.S. Department of the Treasury of its intention to purchase a related warrant in accordance with standardized terms of the preferred share issuance agreement.
“Northern Trust is one of the best capitalized major banks in the industry and will remain so following our exit from the TARP Capital Purchase Program,” says Frederick H. Waddell, president and chief executive officer, Northern Trust.
“We supported the Capital Purchase Program as an important element in restoring stability to the U.S. financial system and acknowledge the taxpayers’ support of the financial system during these difficult times. Now we are pleased to return this capital in the best interests of our shareholders, clients, employees and taxpayers.”
L.D.