FACTBOX: U.S. banks announce cash infusions

Fri Oct 24, 2008 9:55pm EDT
 
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(Reuters) - A string of U.S. banks have signed up for the government's offer of a cash injection in a bid to revive the sector, which has suffered since lending dried up and many of the loans banks made have gone bad.

The U.S. Treasury Department plans to provide funds for 20 to 22 additional lenders as part of its next round of a $250 billion bank recapitalization program.

Banks that have announced they will use the government's funds:

PNC Financial Services Group Inc $7.7 billion

Regions Financial Corp $3.5 billion

First Horizon National Corp $866 million

Valley National Bancorp $330 million

Note: Wall Street Journal reported Capital One Financial Corp and SunTrust Banks Inc are also taking part in the plan.

(Reporting by Elinor Comlay; Editing by Gary Hill)

 

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