The number of banks and thrifts that chose to defer their dividend payments on loans from the U.S. Treasury Department climbed in the last quarter, meaning the number of financial institutions that are still struggling is on the rise.
SNL Financial issued a report on Friday based on data from the Treasury which said 115 banks and thrifts deferred their dividend payments due Aug. 16 on loans received as part of the Troubled Asset Relief Program.
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This quarter’s deferrals added 24 new institutions to the list, compared to the 91 dividend deferrals in May and 74 deferred payments in February, according to SNL Financial’s quarterly report.
The 115 financial institutions collected a total of $3.6 billion in TARP payments, 1.8% of the total TARP funds disbursed, and 28 of the banks and thrifts missed this recent payment for the first time since taking part in the program, SNL Financial said.