Nov 14 (Reuters) - The U.S. Treasury's $700 billion bailout
plan known as TARP (Troubled Asset Relief Program) is one of
the main U.S. tools to address the financial crisis. [nCRISIS]
Friday was the deadline for banks to apply.
On Oct. 14, the Treasury Department set aside $250 billion
of the program to buy senior preferred shares and warrants in
banks, thrifts and other financial institutions. According to
the Treasury, half that money was allocated to nine big banks,
and, according to statements from individual banks, another $38
billion has been earmarked for regional or small banks.
On Monday, the government announced that $40 billion, its
single largest TARP investment, was going to American
International Group (AIG.N).
TARP has committed or approved the following funding:
AIG (AIG.N) $40 billion
JPMorgan (JPM.N) $25 billion
Citigroup (C.N) $25 billion
Wells Fargo (WFC.N) $25 billion
Bank of America (BAC.N) $15 billion
Merrill Lynch MER.N $10 billion (note 1)
Goldman Sachs (GS.N) $10 billion
Morgan Stanley (MS.N) $10 billion
PNC Financial Services (PNC.N) $7.7 billion
US Bancorp (USB.N) $6.6 billion
Bank of New York Mellon (BK.N) $3 billion
State Street Corp (STT.N) $2 billion
Capital One Financial (COF.N) $3.55 billion
Fifth Third Bancorp (FITB.O) $3.45 billion
Regions Financial (RF.N) $3.5 billion
SunTrust Banks (STI.N) $3.5 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
Synovus (SNV.N) $973 million
First Horizon National (FHN.N) $866 million
City National Corp (CYN.N) $395 million
South Financial Group (TSFG.O) $347 million
Valley National Bancorp (VLY.N) $300 million
Citizens Rep Bancorp (CRBC.O) $300 million
UCBH Holdings Inc UCBH.O $298 million
FirstMerit Corp (FMER.O) $248 million
Umpqua Holdings Corp (UMPQ.O) $214 million
Washington Federal (WFSL.O) $200 million
First Niagara Financial(FNFG.O) $186 million
Peoples Bancorp (PEBO.O) $39 million
Encore Bancshares (EBTX.O) $34 million
HF Financial Corp (HFFC.O) $25 million
Bank of Commerce (BOCH.O) $17 million
Broadway Financial Corp BYFC.O $9 million
TOTAL: $213.39 billion
OTHER COMPANIES HOPING TO TAP INTO TARP:
American Express Co (AXP.N) is seeking about $3.5 billion
National Penn Bancshares (NPBC.O) has applied for $150
million
INSURANCE COMPANIES
In addition to TARP's $40 billion for AIG, the Federal
Reserve is separately giving AIG up to $112.5 billion for asset
purchases.
Other insurers are interested in cash infusions, but they
must own a thrift or bank to qualify. On Friday, Hartford
Financial Services Group Inc (HIG.N) agreed to become a small
savings and loan, making it eligible for up to $3.4 billion
from TARP.
SMALLER BANKS, AUTOMAKERS
Nov. 14 is the deadline for smaller banks to apply for TARP
funds. The deadline will be extended for non-publicly
traded banks.
General Motors Corp GM.N, Ford Motor Co (F.N) and
Chrysler LLC have asked for billions of dollars in TARP funds.
However, the Bush administration has said the program was
designed to help the financial services sector.
NO THANKS
These companies have said they would not take part in the
TARP program:
- Charles Schwab Corp (SCHW.O)
- Hudson City Bancorp (HCBK.O)
- Capital City Bank Group (CCBG.O)
- Commerce Bancshares (CBSH.O)
- Northfield Bancorp (NFBK.O)
- Essa Bancorp Inc (ESSA.O)
- Rockville Financial Inc (RCKB.O)
- First Commonwealth Financial Corp (FCF.N)
- Chicopee Bancorp Inc (CBNK.O)
- Bryn Mawr Bank Corp (BMTC.O)
- Kearny Financial Corp (KRNY.O)
- Fist Financial Bankshares Inc (FFIN.O)
- Cheviot Financial Corp (CHEV.O)
- Southside Bancshares (SBSI.O)
- Investors Bancorp (ISBC.O)
- First Advantage Bancorp (FABK.O)
Note 1: Capital injection to Merrill Lynch deferred pending
its merger with Bank of America, according to Treasury
Department.
(Reporting by Julie Vorman in Washington, Phil Wahba in New
York)
