The Treasury Department announced Wednesday that it raised $191.3 million in its latest auction of TARP securities, including $5.8 million for its stake in Delmar Bancorp in Salisbury.
The Troubled Asset Relief Program was created more than four years ago to infuse cash into banks at a time when the country's financial system was near collapse. In exchange for cash, the government received securities from banks that paid dividends and interest.
The government is winding down the TARP program, and this latest auction is the first in which securities were sold at banks that were behind in payments.
Delmar, parent of The Bank of Delmarva, received $9 million in TARP...