December 16, 2009
Authored by: Bryan Cave Leighton Paisner
During the month of November, the Treasury completed rounds forty-nine, fifty, and fifty-one of TARP Capital infusions. In these three rounds, which closed on November 6, November 13, and November 20, respectively, the Treasury purchased a total of approximately $38 million in securities from 7 financial institutions (3 of which previously received a TARP capital infusion). Through November 2009, the Treasury had invested in 696 institutions, totaling approximately $204.7 billion.
In these three rounds, Presidio Bank, San Francisco, California, received the largest infusion, $10 million, and Community Pride Bank Corporation, received the smallest infusion, $4.4 million.
Of note during the month of November, F&M Bancshares, HPK Financial Corporation, and Metropolitan Capital Corp., joined WashingtonFirst Bankshares, Inc. as institutions to receive a second investment from Treasury in connection with the TARP expansion for community banks. F&M Bancshares received an additional $3.5 million and had already received $4.6 million; HPK Financial Corporation received an additional $5 million and had already received $4 million; and Metropolitan Capital Corp. received an additional $2.4 million and had already received $2 million.
During November, nine financial institutions (one of which had already re-paid a portion of its funds) re-paid their TARP capital investments: Bank of Ozarks, Inc. ($75 million), LSB Corporation ($15 million), Wainwright Bank & Trust ($22 million), Union Bankshares Corp. ($59 million), Midwest Regional Bancorp, Inc. ($700,000), 1st United Bancorp, Inc. ($10 million), Magna Bank ($3.5 million, approximately 25% of the outstanding amount), Frontier Bancshares, Inc. ($1.6 million), and Westamerica Bancorporation ($41.9 million, completing its repayment). As of the end of November, 2009, 53 financial institutions had re-paid all, or some portion, of their TARP Capital investment, bringing the total amount re-paid to approximately $71 billion. At the end of November 2009, Treasury’s outstanding investment equaled approximately $133.7 billion.
As discussed in another post, TARP has been extended until October 3, 2010.
Click here to view our updated TARP Map.
Click here to view our updated list of TARP Capital recipients ordered by state and a description of our methodology in compiling the list.
* Editor’s note: The original text of this post incorrectly indicated that that TARP CPP for small community banks had been extended under October 3, 2010; instead, TARP has been extended, but the CPP component of TARP was concluded on December 31, 2009.