Northern Trust repays $1.58 billion received as part of government investment program

Northern Trust repays government investment

CHICAGO — Northern Trust says it has repaid the $1.58 billion it received last fall as part of the government’s $700 billion bank bailout program.

Chicago-based Northern Trust received the money as part of the Treasury Department’s program to help revive the stagnant credit and lending markets amid one of the worst periods of the credit crisis.

Goldman Sachs, JPMorgan Chase, Morgan Stanley, American Express, U.S. Bancorp, Bank of New York Mellon and BB&T have also said they repaid the government investments as part of the program.

Last week, the government granted 10 of the country’s largest banks approval to pay back a total of $68 billion in TARP funds. Wednesday was the first day those banks were eligible to repay the loans.