Archive for 'Treasury Department'

Associated Banc-Corp (Nasdaq: ASBC) announced today that it has completed the repurchase of the remaining 262,500 shares of the Series A Preferred Stock that it issued to the U.S. Department of the Treasury under the Troubled Asset Relief Program (TARP) Capital Purchase Program. Earlier today, Associated paid the U.S. Treasury $262.5 million, plus an accrued dividend of $1.1 million.  Associated funded the repurchase of the TARP shares from its recently completed public offerings of $130 million of 5.125% Senior Notes due 2016 and $65 million of Depositary Shares of 8% Perpetual Preferred Stock, Series B, and cash on hand. The repayment today is an acceleration of the previously announced target repayment date of September 28, 2011.

“We are pleased with investor response to our debt and preferred stock offerings last week and proud that we finished repurchasing the TARP preferred stock consistent with the commitment we made earlier this year to our shareholders to repay the TARP funds as soon as possible and in the most shareholder-friendly manner possible,” said President and CEO Philip B. Flynn.

“As each institution’s repayment of TARP is subject to the approval of its bank regulator, we believe the regulatory approval for our final repayment is a continued indication of the company’s financial strength,” said Flynn. ” Our pro forma capital ratios following the senior notes and the preferred stock offerings and the TARP repayment continue to exceed the requirements of our regulators and standards for well-capitalized banks. This strong capital position provides us with flexibility as we continue to execute our strategic plans for growth.”

Associated Banc-Corp has paid a total of $68.2 million in dividends to the U.S. Treasury since November 2008, when the company received the funds under the Capital Purchase Program.

The following table outlines the company’s reported capital ratios as of June 30, 2011 and adjusted to reflect the net proceeds from the issuance of $130 million of senior notes and $65 million of depositary shares, and the repurchase of the TARP Series A Preferred Stock:

As of June 30, 2011
Actual As Adjusted
for Notes
and Depositary Shares
Issuance
and Series A
Preferred
Repurchase(1)
Tier 1 common equity to risk-weighted assets (2) 12.61% 12.57%
Tier 1 risk-based capital ratio 16.03% 14.55%
Total risk-based capital ratio 17.50% 16.03%
(1) Assumes issuance of the notes and the depositary shares at the public offering prices and repurchase of the Series A Preferred Stock for an aggregate repurchase price of approximately $263.6 million ($262.5 million liquidation amount of the Series A Preferred Stock plus approximately $1.1 million of accrued and unpaid dividends).
(2) Tier 1 common capital ratio = Tier 1 capital excluding qualifying perpetual preferred stock and qualifying trust preferred securities divided by risk-weighted assets. This is a non-GAAP financial measure.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (Nasdaq: ASBC) has total assets of $22 billion and is one of the top 50 financial services holding companies operating in the United States. Headquartered in Green Bay, Wis., Associated has approximately 270 banking locations serving more than 150 communities in Wisconsin, Illinois and Minnesota. The company offers a full range of banking services and other financial products and services.  More information about Associated Banc-Corp is available at www.associatedbank.com.

FORWARD LOOKING STATEMENTS

Statements made in this document that are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. These statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “will,” “intend,” or similar expressions. Outcomes related to such statements are subject to numerous risk factors and uncertainties including those listed in the Company’s most recent Annual Report filed on Form 10-K as updated by the Company’s most recent Form 10-Q.

Visit our online newsroom Follow us on Twitter @AssociatedBank Like us on Facebook

Contact:
Janet L. Ford
Senior Vice President
Investor Relations Director
414-278-1890 PHONE
janet.ford@associatedbank.com

Contact:
Autumn M. Latimore
Senior Vice President
Public Relations Director
414-278-1860 PHONE
414-380-9082 CELL
autumn.latimore@associatedbank.com

http://www.associatedbank.com

Chrysler Group LLC (“Chrysler Group”) announced today that it intends, subject to market and other conditions, to repay in full the outstanding obligations under the loans provided to Chrysler Group by the U.S. Department of the Treasury and the Canadian federal and Ontario governments. Chrysler Group intends to complete the repayment during the second quarter of 2011 from proceeds of a new term loan facility and newly issued debt securities to be offered and sold to institutional investors in a private offering exempt from registration under the U.S. Securities Act of 1933.

Chrysler Group intends to use the net proceeds of the term loan and the offering, together with the proceeds from the recently announced exercise by Fiat of an option to acquire an incremental ownership interest in Chrysler Group, to repay its loans from the U.S. and Canadian governments in full and to pay related fees and expenses. The completion of the offering, the credit facilities and the equity investment by Fiat under its call option are expected to occur concurrently.

The debt securities will be offered and sold in reliance on an exemption from registration under the Securities Act. The debt securities have not been registered under the Securities Act, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from registration.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.

Forward-Looking Statements

This document contains forward-looking statements that reflect management’s current views with respect to future events. The words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “project” and “should” and similar expressions identify forward-looking statements. Such statements are subject to risks and uncertainties including market conditions and the price and market for securities to be offered and other risks relating Chrysler Group’s business and industry, including, but not limited to: the effective implementation of the Chrysler Group LLC 2010 – 2014 Business Plan outlined on November 4, 2009, including successful vehicle launches; industry SAAR levels; continued economic weakness, especially in North America, including continued high unemployment levels and limited available financing for our dealers and consumers; introduction of competing products and competitive pressures with may limit our ability to reduce sales incentives; and our ability to realize benefits from our industrial alliance with Fiat. If any of these or other risks and uncertainties occur, or if the assumptions underlying any of these statements prove incorrect, then actual results may be materially different from those expressed or implied by such statements. We do not intend or assume any obligation to update any forward-looking statement, which speaks only as the date on which it is made.

About Chrysler Group LLC

Chrysler Group LLC, formed in 2009 from a global strategic alliance with Fiat, produces Chrysler, Jeep, Dodge, Ram, Mopar and Fiat vehicles and products. With the resources, technology and worldwide distribution network required to compete on a global scale, the alliance builds on Chrysler Group’s culture of innovation, first established by Walter P. Chrysler in 1925, and Fiat’s complementary technology that dates back to its founding in 1899.

Headquartered in Auburn Hills, Mich., Chrysler Group’s product lineup features some of the world’s most recognizable vehicles, including the Chrysler 300, Jeep Wrangler, Dodge Challenger and Ram 1500. Fiat contributes world-class technology, platforms and powertrains for small- and medium-size cars, allowing Chrysler Group to offer an expanded product line including environmentally friendly vehicles.

Follow Chrysler news and video on:

YouTube: http://www.youtube.com/pentastarvideo

Chrysler Connect blog: http://blog.chryslergroupllc.com

Twitter: www.twitter.com/chrysler

Streetfire: http://members.streetfire.net/profile/ChryslerVideo.htm

Corporate website: http://www.chryslergroupllc.com

NOTE TO EDITORS: For more information, please visit the Chrysler media site at http://www.media.chrysler.com.

CONTACT: Gualberto Ranieri , +1-248-512-2226 (office), +1-847-778-4162 (cell), gualberto.ranieri@chrysler.com; or Shawn Morgan, +1-248-512-2692 (office), +1-248-760-2621 (cell) , shawn.morgan@chrysler.com

Web Site: http://www.chryslergroupllc.com

U.S. Treasury to Auction Gold Bars, Diamonds and Lamborghini

U.S. Treasury to Auction Gold Bars, Diamonds and Lamborghini-Image via Wikipedia

VSE Corporation and Rick Levin & Associates, Inc. will conduct an auction of seized and forfeited property on behalf of the U.S. Department of the Treasury.

Other agencies that are participating include: U.S. Customs & Border Protection, Immigration & Customs Enforcement, Internal Revenue Service, and Secret Service.  Proceeds from the auction are returned to these agencies through the Treasury Asset Forfeiture Fund for the continuation of their enforcement efforts.

The auction will take place at 9 a.m. on Wednesday, March 30, 2011, at the VSE Warehouse, at 6711 Sycamore Canyon Blvd., Riverside, CA 92507.

A wide variety of merchandise will be auctioned, including:

  • 2007 Lamborghini Murcielago Convertible
  • 1951 Oldsmobile V8
  • 1966 Cessna U206B Super Skywagon Aircraft
  • Gold Bars, Loose Diamonds & Assorted Gold & Silver Jewelry
  • Serigraph’s by Various Artists, Signed by Ted Williams, Joe DiMaggio & Jimmy Buffett

HP Laptops & Other Electronics Proceeds from the auction are returned to the U.S. Treasury’s Asset Forfeiture Fund for the continuation of law enforcement efforts by the participating agencies: U.S. Customs & Border Protection, Immigration & Customs Enforcement, Internal Revenue Service and Secret Service.

Main previews of these items will take place at the VSE Riverside Warehouse on Monday, March 28 from 9:00 a.m. to 4:00 p.m. and Tuesday, March 29 from 9:00 a.m. to noon. Bidders may register for the auction during these preview times or register beginning at 8:00 a.m. on the day of the sale at the VSE Riverside Warehouse. There are no property previews on sale day and no property removal on day of sale.

For detailed information on specific merchandise to be auctioned, please visit the Treasury website at: www.treas.gov/auctions/treasury/gp

More information can also be found at www.ricklevin.com or by calling VSE Corporation Inc. at 888-534-2828

Available Topic Expert(s): For information on the listed expert(s), click appropriate link.

Rick Levin

https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=73111

CONTACT: Rick Levin & Associates, Inc., +1-773-252-4500

Web Site: http://www.ricklevin.com

Homeowners in Foreclosure Get Some Help From Writer

Homeowners in Foreclosure Get Some Help From Writer-Image by respres via Flickr

Proceeds from “The Home Equity Acceleration Plan” to help families keep their homes

With over 2.2 million homes nationwide in foreclosure, KS Publications, Inc. has announced that the H.E.A.P.™ Charitable Foundation will donate money to families threatened with losing their homes.

The foundation, a 501(c)(3) non-profit organization, was founded by Roccy DeFrancesco, the nation’s leading trainer of advanced planning concepts. All of Roccy’s profits from the book, “The Home Equity Acceleration Plan (H.E.A.P.™),” as well as from the book’s associated products and services, will be donated to the foundation.

“We are thrilled to promote Roccy’s book and his strategies and we are more than thrilled that the H.E.A.P.™ Foundation will provide assistance to homeowners who really need it,” said Monique Harris, spokesperson for KS Publications, Inc. “This initiative demonstrates the H.E.A.P.™ Foundation’s commitment to helping people stay in their homes.”

In “The Home Equity Acceleration Plan,” Roccy teaches homeowners how to save thousands of dollars in interest payments by paying off their home mortgage five, ten and even 15 or more years early using the H.E.A.P.™ concept.

The author is about to embark on a national tour where he will sign copies of his books and give a brief seminar explaining how consumers can use H.E.A.P.™ to pay off their home mortgage early without altering their spending habits.

Roccy will also give consumers tips from his book “Bad Advisors: How to Identify Them & How to Avoid Them,” which exposes insider secrets about the financial services industry and unveils the worst fears many people have about their advisors, including financial planners, insurance agents, attorneys, CPAs, EAs and accountants.

“Roccy has a wide depth of knowledge that he actively shares with people all over the world,” Harris said. “His seminars are extremely informative and provide a ton of resources for people to make the most out of their assets and investments.”

Churches, social service agencies, non-profit organizations, and businesses are asked to contact KS Publications, Inc. to learn how they can get involved with the H.E.A.P.™ Charitable Foundation.

To learn more about the H.E.A.P.™ Charitable Foundation and Roccy’s book tour, visit http://www.kspublicationsinc.com.

About Roccy DeFrancesco :

Roccy is the nation’s leading trainer of advanced planning concepts for financial, insurance, mortgage, accounting and legal professionals. Roccy’s books are published by KS Publications, Inc.

About KS Publications, Inc.:

KS Publications, Inc. is a provider of premier educational resources ranging from children’s activity books and picture books, business and finance books and law books, to courses, seminars and workshops. To learn more, visit http://www.kspublicationsinc.com.

Please direct inquiries to:
Monique Harris
monique@kspublicationsinc.com

CONTACT: Monique Harris, KS Publications, Inc., +1-909-646-3634, monique@kspublicationsinc.com

Web Site: http://www.kspublicationsinc.com

Boats, Cars and Jewelry in Treasury Auction

Boats, Cars and Jewelry in Treasury Auction

Boats, Cars and Jewelry in Treasury Auction-Image via Wikipedia

VSE Corporation and Rick Levin & Associates, Inc. will conduct an auction of seized and forfeited property on behalf of the U.S. Department of the Treasury.

Other agencies that are participating include: U.S. Customs & Border Protection, Immigration & Customs Enforcement, Internal Revenue Service, and Secret Service.  Proceeds from the auction are returned to these agencies through the Treasury Asset Forfeiture Fund for the continuation of their enforcement efforts.

The auction will take place at 9 a.m. on Wednesday, March 9, 2011 in the VSE Warehouse, located at 1167 NW 159th Drive, Miami, FL 33169.

A wide variety of merchandise will be auctioned, including:

  • Several Vehicles, such as a 2003 Mercedes-Benz and a 1999 Grand Cherokee Jeep
  • Several Vessels, from a 1990 Wellcraft Scarab to a 1983 Ta-Shing Sailing Yacht
  • Over 300 Lots of Diamond and Gold Jewelry, Watches and Fine Pens
  • Laptops and other Electronics

Proceeds from the auction are returned to the U.S. Treasury’s Asset Forfeiture Fund for the continuation of law enforcement efforts by the participating agencies: U.S. Customs & Border Protection, Immigration & Customs Enforcement, Internal Revenue Service and Secret Service.

Main previews of these items will take place at the VSE Miami Warehouse located at 1167 NW 159th Drive, Miami, FL 33169 on Monday, March 7 from 9:00 a.m. to 4:00 p.m. and Tuesday, March 8 from 9:00 a.m. to noon. Bidders may register for the auction during these preview times or register beginning at 8 a.m. the day of sale at the VSE Warehouse, Miami, FL. There are no property previews on sale day.

For detailed information on specific merchandise to be auctioned in both sales, please visit the Treasury website at: www.treas.gov/auctions/treasury/gp

More information can also be found at www.ricklevin.com or by calling VSE Corporation, Inc. at 888-534-2828

Available Topic Expert(s): For information on the listed expert(s), click appropriate link.

Rick Levin

http://www.profnetconnect.com/rick_levin

CONTACT:  Bonnie Arkin of Rick Levin & Associates, Inc., +1-773-252-4500, bonnie@ricklevin.com

CONTACT: Bonnie Arkin of Rick Levin & Associates, Inc., +1-773-252-4500, bonnie@ricklevin.com

Web Site: http://www.ricklevin.com

Foreclosures: Realtors Get New Info on HAFA Program

Foreclosures: Realtors Get New Info on HAFA Program-Image via Wikipedia

PartnerFirst announces the release of its HAFA Specialist Certification (HSC), which incorporates recent changes to the Treasury Department’s Home Affordable Foreclosure Alternatives (HAFA) program that go into effect February 1, 2011. The HSC course educates real estate agents in the elements of HAFA, which offers help for distressed borrowers seeking to avoid foreclosure. The new changes promise to make HAFA more effective in addressing the national default crisis. Agents seeking to specialize in HAFA short sales will need the up-to-date training HSC provides.

HSC is the latest course offered by PartnerFirst, complementing its Pre-foreclosure Specialist Certification (PSC™), which is widely regarded as the industry’s most comprehensive short sale training program.

Education is extremely important to our mortgage servicer clients,” said Mark Comer, Chief Executive Officer of PartnerFirst. “We’ve developed a nationwide network of agents that are continually learning and adapting to the changing real estate environment. As HAFA continues to evolve, it is important that agents update their knowledge to serve homeowners effectively. Ongoing education is the key to success.”

PartnerFirst provides a suite of services for homeowners, mortgage servicers and real estate professionals, including an innovative Agent Management Services (AMS™) platform which connects trained, certified default specialists with distressed borrowers.

About PartnerFirst:

PartnerFirst works with mortgage servicers and default service providers to bring stability and sustainability back to the housing market. As the preferred pre-foreclosure agent network for the mortgage servicing industry, PartnerFirst provides real estate agents with specialized training, and empowers homeowners with proactive foreclosure alternatives.

The PartnerFirst Agent Management Services (AMS™) platform features a brand-neutral agent database for mortgage servicers, a Find an Agent referral database for homeowners, and a Minority Outreach Initiative. All PartnerFirst network agents are vetted, trained and certified in pre-foreclosure solutions.

Industry professionals who wish to learn more can visit www.partnerfirst.org/members or call 1-877-363-7714, Mon-Fri 9 am – 5 pm PST

CONTACT: Jason Crawford, PartnerFirst, LLC, +1-951-547-7813, 1-877-363-7714, jason@partnerfirst.org

Web Site: http://www.partnerfirst.org