• Most Popular
  • Most Shared

FACTBOX: Banks announce cash infusions

Tue Oct 28, 2008 4:26pm EDT

Stocks

   

(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 October 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)



More from Reuters

Photo

Honda expands airbag recall as more Toyotas probed

TOKYO/DETROIT (Reuters) - Honda Motor Co said it would recall another 440,000 cars around the world for faulty airbags as rival Toyota Motor Corp faced further probes over its largest-ever safety crisis. | Video

A worker walks on steel frames at a construction site in central Beijing January 27, 2010. REUTERS/Loic Hofstedt
Analysis:

China's boom may lead to bust

The housing market is becoming the investment of choice for the Chinese, which is making policymakers very nervous.  Full Article