Oct 28 (Reuters) - More and more U.S. banks are signing up
for the government's offer of a cash injection, in addition to
the nine that joined the program initially. The injections are
a bid to revive the sector, which has suffered since lending
has dried up and many loans have gone bad.
The U.S. Treasury Department plans to provide funds for 20
to 22 lenders in the current round of the $250 billion bank
recapitalization program.
Nine of the largest U.S. banks were the first to join the
program and will receive the first $125 billion of capital
infusions:
Bank of America (BAC.N)/Merrill Lynch MER.N $25 billion
Citigroup (C.N) $25 billion
JPMorgan Chase & Co (JPM.N) $25 billion
Wells Fargo & Co (WFC.N) $25 billion
Morgan Stanley (MS.N) $10 billion
Goldman Sachs Group (GS.N) $10 billion
Bank of New York Mellon Corp (BK.N) $3 billion
State Street Corp (STT.N) $2 billion
Total $125 billion
Since Oct. 24, the following banks have said they will take
part in the program:
PNC Financial Services Group Inc (PNC.N) $7.7 billion
Capital One Financial Corp (COF.N) $3.55 billion
Regions Financial Corp (RF.N) $3.5 billion
SunTrust Banks Inc (STI.N) $3.5 billion
Fifth Third Bancorp (FITB.O) $3.45 billion
BB&T Corp (BBT.N) $3.1 billion
KeyCorp (KEY.N) $2.5 billion
Comerica (CMA.N) $2.25 billion
Marshall & Ilsley Corp (MI.N) $1.7 billion
Northern Trust Corp (NTRS.O) $1.5 billion
Huntington Bancshares (HBAN.O) $1.4 billion
Zions Bancorp (ZION.O) $1.4 billion
First Horizon National Corp (FHN.N) $866 million
City National Corp (CYN.N) $395 million
Valley National Bancorp (VLY.N) $330 million
UCBH Holdings Inc UCBH.O $298 million
Umpqua Holdings Corp (UMPQ.O) $214 million
Washington Federal (WFSL.O) $200 million
First Niagara Financial Group (FNFG.O) $186 million
HF Financial Corp (HFFC.O) $25 million
Bank of Commerce (BOCH.O) $17 million
Total $38.08 billion
NOTE: Old National Bancorp (ONB.N) said it has won
preliminary approval for $150 million but has not decided
whether to participate. Provident Bankshares Corp, the parent
of Baltimore-based Provident Bank, also said it has been given
preliminary approval but has not decided whether to
participate.
West Bancorp (WTBA.O) said on Friday it was seeking
shareholder approval to raise between $12 million and $36
million under the Treasury program.
FirstMerit Corp (FMER.O) said on Tuesday it was deciding
whether to participate. Paul Greig, chief executive, said he
expects the Treasury's investment in FirstMerit would be $80
million to $250 million. Sterling Bancshares (SBIB.O) also said
it was considering participating in the program.
(Reporting by Elinor Comlay; Editing by John Wallace)
