Wells Fargo & Co. (NYSE: WFC) said Wednesday that it repaid the $25 billion in bailout funds it received from the Treasury Department under the Troubled Asset Relief Program.
The company said that it redeemed the series D preferred stock issued to the Treasury under TARP in October of 2008.
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Wells Fargo said it also paid accrued dividends of $131.9 million as part of the redemption of the preferred stock. This brings the total dividends paid to the Treasury Department to $1.44 billion since the stock was issued.
The repayment was made possible in part through Wells Fargo's recent public stock offering, which raised $12.25 billion. The bank sold 489.9 million shares of common stock at $25 per share. The offering was completed Dec. 18.
Wells Fargo noted that the Treasury Department still holds warrants to buy approximately 110 million shares of its common stock at a price of $34.01 per share.
Shares of Wells Fargo slipped 32 cents to $26.84 in afternoon trading.
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