Wednesday, Wells Fargo & Co. (WFC) said that it has repaid the $25 billion it received from the government in bailout money and redeemed the series D preferred stock issued to the U.S. Treasury under the Troubled Asset Relief Program's or TARP's Capital Purchase Program.
The company said that it sold 489.9 million shares of common stock at $25.00 per share for a total of $12.25 billion in a common stock offering completed December 18. Net proceeds of this common stock offering and excess liquidity were used to repay the $25 billion TARP investment and accrued dividends.
San Francisco-based Wells Fargo also said that as part of the redemption of the preferred stock, it paid accrued dividends of $131.9 million, bringing the total dividends paid to the U.S. Treasury and U.S. taxpayers to $1.441 billion since the preferred stock was issued in October 2008.
The company said that, by repaying the TARP investment, it will eliminate $1.25 billion in future annual preferred stock dividends. The U.S. Treasury continues to hold warrants to purchase approximately 110 million shares of Wells Fargo common stock at an exercise price of $34.01 per share.
Earlier this month, Bank of America repaid $45 billion while Citigroup sold $20 billion in stock last week to enable it to repay the bailout money it received. Other companies that have repaid TARP money include JPMorgan Chase & Co., American Express Co., Morgan Stanley, U.S. Bancorp, Goldman Sachs Group Inc., and Bank of New York Mellon Corp. Most of these companies repaid the money by using capital raised from the issuance of equity securities and debt not guaranteed by the federal government.
WFC is currently trading on the New York Stock Exchange at $26.91, down $0.25 or 0.88%.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.