Even as another major bank announced it was repaying its bailout money, President Obama today told executives from the nation's largest financial institutions to return the taxpayer's largesse in an additional way -- increase lending to small businesses to help the economy create more jobs.

"My main message in today's meeting was very simple: that America's banks received extraordinary assistance from American taxpayers to rebuild their industry, and now that they're back on their feet we expect an extraordinary commitment from them to help rebuild our economy," Obama said after a White House meeting today that he described as "candid and productive."

That sort of pay-it-forward duty "starts with finding ways to help creditworthy small- and medium-sized businesses get the loans that they need to open their doors, grow their operations and create new jobs," the president said.

"Now, no one wants banks making the kinds of risky loans that got us into this situation in the first place, and it's true that regulators are requiring them to hold more of their capital as a hedge against the kind of problems that we saw last year," he continued.

"But given the difficulty businesspeople are having as lending has declined, and given the exceptional assistance banks receive to get them through a difficult time, we expect them to explore every responsible way to help get our economy moving again."

Obama said the executives told them they were hiring more people to help with small business loans and raising their goals for such lending. But he said administration officials "expect some results" after hearing complaints from creditworthy small businesses that they still can't get loans.

Speaking to reporters after the meeting, Richard Davis, chief executive of US Bancorp, said the banks wanted to make more loans but were careful about not taking too much risk.

"Every bank in that room talked about adding many, many small business originators and setting very aggressive goals for small business lending next year," he said. "Lending is what we do and so we want to make more loans. We have to find a way to qualify more people and not put ourselves at risk three or four years from now because of actions we took at a moment in time."

The meeting came after Citigroup announced it had reached a deal with the Treasury Department to repay $20 billion in bailout money. The move will still leave the government with equity in the bank but will release it from strict executive compensation rules aimed at the largest recipients of money from the Troubled Asset Relief Program.

With many banks repaying their bailout money sooner than expected, the administration said it anticipated losses would be $200 billion less than expected. Obama wants to use some of that money to spur small business lending. It's unclear how large banks could help that effort, since most loans to small businesses come from smaller community banks.

Citigroup Chairman Richard Parsons was one of three executives, along with Goldman Sachs Chief Executive Lloyd Blankfein and Morgan Stanley Chief Executive John Mack, who were unable to fly into Washington today because of fog in the area. They participated via conference call.

Among the 10 executives at the White House today are the CEOs of Wells Fargo & Co., JP Morgan Chase & Co., Bank of America Corp., Bank of New York Mellon Corp. and American Express Co. Joining Obama at the meeting were Treasury Secretary Timothy F. Geithner, Chief of Staff Rahm Emanuel and top White House economic advisors Lawrence Summers and Christina Romer.

Obama held the meeting a day after describing Wall Street executives in an interview as "fat-cat bankers."

Asked about Wall Street firms paying huge bonuses to their executives, Obama told CBS' "60 Minutes": "I did not run for office to be helping out a bunch of, you know, fat-cat bankers on Wall Street. The only ones that are going to be paying out these fat bonuses are the ones that have now paid back that TARP money."

Obama said "there is no doubt" that some of the bonuses were possible because of the government bailouts.

"And what's most frustrating me right now is you've got these same banks, who benefited from taxpayer assistance, who are fighting tooth and nail with their lobbyists up on Capitol Hill, fighting against financial regulatory reform," Obama said.

Davis said the meeting was productive and "very, very serious."

"He didn't call us any names," Davis said of Obama. "It was not a moment when we all went around and celebrated the holidays. We talked about how we can do a better job."

Many large banks oppose some of the tougher financial regulations that Obama has proposed. On Friday, the House passed the overhaul, the most sweeping since the Great Depression. But the Senate still must act on the measure.