NEW YORK (AP) -- Two banks which have repaid their bailout funds said Monday they no longer need to take advantage of a special program that offers government insurance on certain deposits, like checking account funds, over $250,000.

Bank of New York Mellon and U.S. Bancorp both said they will opt out of a six-month extension of the Transaction Account Guarantee Program. The program, part of the wider effort to shore up banks during the height of last year's crisis, offers Federal Deposit Insurance Corp. coverage for non-interest bearing accounts, like checking accounts, with balances above $250,000.

Meanwhile, Regions Financial Corp. said Monday it had extended its participation in the program, which provides unlimited coverage on certain NOW checking accounts and interest on lawyers trust accounts.

Monday was the deadline for banks to choose whether to continue participating in the program after Dec. 31. For banks that opt out, FDIC insurance will be limited to $250,000 per account starting Jan. 1.

Bank of New York Mellon, which separately said it is not required to raise any more capital after the government's "stress test," in June repaid the $3 billion it received last year as part of the government's $700 billion bank investment program.

U.S. Bancorp, based in Minneapolis, has also repaid its $6.6 billion bailout.

BNY Mellon shares ended Monday trading up 31 cents at $26.97. U.S. Bancorp shares rose 62 cents, or 2.7 percent, to close the regular session at $23.84.

Regions Financial, based in Birmingham, Ala., received $3.5 billion from the government last year, but has not yet repaid the funds. Its stock closed Monday down 6 cents at $4.78.