The $700 billion Troubled Asset Relief Program is set to expire Oct. 3, and the Treasury Department is still awaiting $55 billion in paybacks from its Capital Purchase Program, according to the latest TARP report. The Treasury announced the CPP in October 2008 to purchase up to $250 billion of senior preferred shares from financial institutions the following month. Three banks, JPMorgan Chase (JPM), Wells Fargo (WFC), and Citigroup (C) received the $25 billion maximum, while Bank of America (BAC) received $15 billion, Goldman Sachs (GS) and Morgan Stanley taking $10 billion each. Each has paid back these bailouts through the CPP. The Treasury invested $204.9 billion total through CPP but still has not received $55 billion from mostly smaller banks still searching for capital. Two of those that have not paid back the investment are Sun Trust Banks, based in Atlanta and Regions Financial Corp. in Birmingham, Ala. at $3.5 billion each. Banks with those investments still outstanding currently hold a 5% cumulative dividend rate per annum, but that’s for the first five years from when those banks took the money. After that, the rate goes up to 9% it must pay the Treasury if those banks do not make the deadline. Through CPP, the Treasury received warrants to purchase common stocks. Keefe, Bruyette & Woods, an investment bank in New York, said in a research note out Thursday that because of a rise in implied volatility, the TARP warrants issued by the Treasury have outperformed the underlying stocks and the KBW indices that contains those stocks. Average returns on those warrants were a negative 1.64% compared to a 6.82% decline on the underlying stocks and a 4.76% drop on the indices, according to KBW. According to the Congressional Budget Office costs will be 90% lower than the original $700 billion allocated to TARP. Treasury officials have said taxpayers stand to earn a profit on the bank program. Write to Jon Prior.