On May 27, 2009, the Treasury announced the completion of the twenty-eighth round of TARP Capital infusions. The Treasury purchased a total of approximately $108 million in securities from 12 financial institutions on Friday, May 22, 2009, and has now invested in 606 institutions, totaling approximately $199.3 billion.
Diamond Bancorp, Inc., Washington, Missouri, received the largest infusion, $20.5 million. First Advantage Bancshares, Inc., Coon Rapids, Minnesota, received the smallest infusion, $1.2 million.
On May 20, 2009, Somerset Hills Bancorp and SCBT Financial Corporation redeemed their securities from the Treasury for $7.4 million and $65 million, respectively. To date, sixteen institutions have re-paid approximately $1.3 billion, and Treasury’s outstanding investment equals approximately $197.9 billion.
On May 19, 2009, the Treasury announced the completion of the twenty-seventh round of TARP Capital infusions. The Treasury purchased a total of approximately $108 million in securities from 14 financial institutions on Friday, May 15, 2009, and has now invested in 594 institutions, totaling approximately $199.2 billion.
Mercantile Bank Corporation, Grand Rapids, Michigan, received the largest infusion, $21.0 million. Riverside Bancshares, Inc., Little Rock, Arkansas, received the smallest infusion, $1.1 million.
On May 13, 2009, Alliance Financial Corp. and Texas Capital Bancshares, Inc. redeemed their securities from the Treasury for $125 million and $75 million, respectively. To date, fourteen institutions have re-paid approximately $1.3 billion, and Treasury’s outstanding investment equals approximately $197.9 billion.
On May 12, 2009, the Treasury announced the completion of the twenty-sixth round of TARP Capital infusions. The Treasury purchased a total of approximately $42 million in securities from 7 financial institutions on Friday, May 8, 2009, and has now invested in 580 institutions, totaling approximately $199.1 billion.
On May 5, 2009, the Treasury announced the completion of the twenty-fifth round of TARP Capital infusions. The Treasury purchased a total of approximately $45.5 million in securities from 7 financial institutions on Friday, May 1, 2009, and has now invested in 573 institutions, totaling approximately $199.1 billion.
Village Bank and Trust Financial Corp., Midlothian, Virginia, received the largest infusion, $14.7 million. CenterBank, Milford, Ohio, received the smallest infusion, $2.3 million.
Of note in this twenty-fifth round, two subchapter S institutions received TARP Capital investments – OSB Financial Services, Inc. ($6.1 million) and Security State Bank Holding Company ($10.8 million).
On April 28, 2009, the Treasury announced the completion of the twenty-fourth round of TARP Capital infusions. The Treasury purchased a total of approximately $121.8 million in securities from 12 financial institutions on Friday, April 24, 2009, and has now invested in 566 institutions, totaling approximately $199 billion. (more…)
On April 21, 2009, the Treasury announced the completion of the twenty-third round of TARP Capital infusions. The Treasury purchased a total of approximately $40.9 million in securities from 6 financial institutions on Friday, April 17, 2009, and has now invested in 554 institutions, totaling approximately $198.9 billion.
On April 14, 2009, the Treasury announced the completion of the twenty-second round of TARP Capital infusions. The Treasury purchased a total of approximately $22.8 million in securities from 5 financial institutions on Friday, April 10, 2009, and has now invested in 548 institutions, totaling approximately $198.8 billion.
On April 7, 2009, the Treasury announced the completion of the twenty-first round of TARP Capital infusions. The Treasury purchased a total of approximately $54.8 million in securities from 10 financial institutions on Friday, April 3, 2009, and has now invested in 543 institutions, totaling approximately $198.8 billion.
Community First Bancshares, Inc, of Harrison, Arkansas, received the largest infusion, $12.7 million. BCB Holding Company, of Theodore, Alabama, received the smallest infusion, $1.7 million. (more…)
On March 30, 2009, the Treasury announced the completion of the twentieth round of TARP Capital infusions. The Treasury purchased a total of approximately $193 million in securities from 14 financial institutions on Friday, March 27, 2009, and has now invested in 533 institutions, totaling approximately $198.8 billion.
Of note in this twentieth round, one more state joined the group of states with an institution receiving TARP Capital — New Mexico, with Trinity Capital Corporation (Los Alamos) receiving a $36 million infusion. This leaves only Montana and Vermont without an institution to have received TARP Capital.
In this round, the largest infusion went to Alpine Banks of Colorado, Glenwood Springs, Colorado: $70 million. The smallest infusion went to Colonial American Bank, West Conshohocken, Pennsylvania: $574,000.
This round showed a slight uptick in the number of institutions to receive funding: from 10 in the previous round to 14 in this round. Nonetheless, the 14 infusions is the third fewest behind 7 in the eighth round and 10 in the nineteenth round. According to a recent GAO report, Treasury is considering approximately 1,190 applications from Qualified Financial Institutions, and the federal banking regulators were still reviewing approximately 750 applications that have yet to be either denied or forwarded to Treasury for final approval. This report further indicated that approximately 250 institutions that had received preliminary approval had decided to withdraw their applications.
Click here to view our updated TARP Map.
Click here to view our updated list of TARP Capital recipients and a description of our methodology in compiling the list.
On March 24, 2009, the Treasury announced the completion of the nineteenth round of TARP Capital infusions. The Treasury purchased a total of approximately $80.7 million in securities from 10 financial institutions on Friday, March 20, 2009, and has now invested in 520 institutions, totaling approximately $198.5 billion.
Heritage Oaks Bancorp, which was the only public institution to receive funds this round, received the largest infusion, $21 million. Farmers & Merchants Financial Corporation, Argonia, Kansas, received the smallest infusion: $442,000.
There are a couple of things to take immediate note of in this eighteenth round. First, this round marked the seventh consecutive round where less than 30 institutions received TARP Capital infusions. Second, the Treasury had never invested fewer than $280 million in any single round, yet in this round, the total amount invested was only $80.7 million — roughly $200 million less than the previous low. We noted in a previous post, that it is unclear what is contributing to or causing this diminishing number of TARP closings, but given the recent trend in fewer closings, it is clear that something is changing. We hope to provide some insight or commentary shortly.
Click here to view our updated TARP Map.
Click here to view our updated list of TARP Capital recipients and a description of our methodology in compiling the list.