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January 13, 2009
HP-1352
Treasury Provides TARP Funds to Local Banks
Washington- The U.S. Treasury Department announced details this week of a $14.77 billion investment in 43 banks made through its Capital Purchase Program.
Treasury created the Capital Purchase Program, a part of the Troubled Asset Relief Program, to help to stabilize and strengthen the U.S. financial system. Treasury allocated $250 billion under TARP's Capital Purchase Program to invest in U.S. financial institutions. To date, the Department has made $192 billion of investments, receiving preferred stock and warrants from participating institutions. Investments have ranged from as small as $1 million to as large as $25 billion, financing community banking and Community Development Financial Institutions in 42 states and Puerto Rico.
Institutions that sell shares to the government must comply with restrictions on executive compensation during the period that Treasury holds equity issued through this program and agree to limitations on dividends and stock repurchases. Information about Treasury's Troubled Asset Relief Program can be found at http://www.treas.gov/initiatives/eesa/ .
Following are the transaction details:
|
Seller | |||
|
Name of Institution |
City |
State |
Price Paid |
|
Bank of America Corporation |
Charlotte |
NC |
$10,000,000,000 |
|
FirstMerit Corporation |
Akron |
OH |
$125,000,000 |
|
Farmers Capital Bank Corporation |
Frankfort |
KY |
$30,000,000 |
|
Peapack-Gladstone Financial Corporation |
Gladstone |
NJ |
$28,685,000 |
|
Commerce National Bank |
Newport Beach |
CA |
$5,000,000 |
|
The First Bancorp, Inc. |
Damariscotta |
ME |
$25,000,000 |
|
Sun Bancorp, Inc. |
Vineland |
NJ |
$89,310,000 |
|
Crescent Financial Corporation |
Cary |
NC |
$24,900,000 |
|
American Express Company |
New York |
NY |
$3,388,890,000 |
|
Central Pacific Financial Corp. |
Honolulu |
HI |
$135,000,000 |
|
Centrue Financial Corporation |
St. Louis |
MO |
$32,668,000 |
|
Eastern Virginia Bankshares, Inc. |
Tappahannock |
VA |
$24,000,000 |
|
Colony Bankcorp, Inc. |
Fitzgerald |
GA |
$28,000,000 |
|
Independent Bank Corp. |
Rockland |
MA |
$78,158,000 |
|
Cadence Financial Corporation |
Starkville |
MS |
$44,000,000 |
|
LCNB Corp. |
Lebanon |
OH |
$13,400,000 |
|
Center Bancorp, Inc. |
Union |
NJ |
$10,000,000 |
|
F.N.B. Corporation |
Hermitage |
PA |
$100,000,000 |
|
C&F Financial Corporation |
West Point |
VA |
$20,000,000 |
|
North Central Bancshares, Inc. |
Fort Dodge |
IA |
$10,200,000 |
|
Carolina Bank Holdings, Inc. |
Greensboro |
NC |
$16,000,000 |
|
First Bancorp |
Troy |
NC |
$65,000,000 |
|
First Financial Service Corporation |
Elizabethtown |
KY |
$20,000,000 |
|
Codorus Valley Bancorp, Inc. |
York |
PA |
$16,500,000 |
|
MidSouth Bancorp, Inc. |
Lafayette |
LA |
$20,000,000 |
|
First Security Group, Inc. |
Chattanooga |
TN |
$33,000,000 |
|
Shore Bancshares, Inc. |
Easton |
MD |
$25,000,000 |
|
The Queensborough Company |
Louisville |
GA |
$12,000,000 |
|
American State Bancshares, Inc. |
Great Bend |
KS |
$6,000,000 |
|
Security California Bancorp |
Riverside |
CA |
$6,815,000 |
|
Security Business Bancorp |
San Diego |
CA |
$5,803,000 |
|
Sound Banking Company |
Morehead City |
NC |
$3,070,000 |
|
Mission Community Bancorp |
San Luis Obispo |
CA |
$5,116,000 |
|
Redwood Financial Inc. |
Redwood Falls |
MN |
$2,995,000 |
|
Surrey Bancorp |
Mount Airy |
NC |
$2,000,000 |
|
Independence Bank |
East Greenwich |
RI |
$1,065,000 |
|
Valley Community Bank |
Pleasanton |
CA |
$5,500,000 |
|
Rising Sun Bancorp |
Rising Sun |
MD |
$5,983,000 |
|
Community Trust Financial Corporation |
Ruston |
LA |
$24,000,000 |
|
GrandSouth Bancorporation |
Greenville |
SC |
$9,000,000 |
|
Texas National Bancorporation |
Jacksonville |
TX |
$3,981,000 |
|
Congaree Bancshares, Inc. |
Cayce |
SC |
$3,285,000 |
|
New York Private Bank & Trust Corporation |
New York |
NY |
$267,274,000 |
-30-
REPORTS