FACTBOX: Banks announce cash infusions

Tue Oct 28, 2008 4:26pm EDT
 
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(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  Continued...

 

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