As a reminder, the deadline for Subchapter S institutions to apply for the TARP Capital Purchase Program is Friday, February 13, 2009.  (Review the terms for Subchapter S institutions.)

The application form is unchanged from the initial application, and is available from the Treasury or as a Word document.  The Treasury has also confirmed that Subchapter S institutions that applied prior to the announcement of the terms for Subchapter S institutions do not need to re-apply.

While there is significant uncertainty over the application of TARP 2.0 rules to the TARP Capital Purchase program, with over 2,000 applications in the hands of the banking regulators, there is likely to be significantly more clarity to the program before an institution has to make a final decision on whether to accept TARP Capital.  Filing  an application by the deadline preserves the institution’s flexibility to make a final decision, while declining to make an application effectively constitutes an irrevocable decision not to participate.  (See our big picture thoughts on whether to apply for TARP Capital.)