January 22, 2010
Authored by: Bryan Cave Leighton Paisner
During the month of December, the Treasury completed rounds fifty-two, fifty-three, fifty-four, fifty-five, and fifty-six of TARP Capital infusions. In these five rounds, which closed on December 4, December 11, December 18, December 22, and December 29, respectively, the Treasury purchased a total of approximately $159 million in securities from 37 financial institutions (24 of which previously received a TARP capital infusion). Through December 2009, the Treasury had invested in 709 institutions, totaling approximately $204.9 billion.
In these five rounds, First Community Financial Partners received the largest infusion, $22 million, and Valley Financial Group Ltd. received the smallest infusion, $1.3 million.
Of note during the month of December 24 insitutions received a second investment from Treasury in connection with the TARP expansion for community banks. This brings the total to 28 institutions that have received a second investment from the Treasury.
During December, twelve financial institutions (one of which had already re-paid a portion of its funds) re-paid their TARP capital investments: Bank of America ($25 billion); Wells Fargo ($25 billion); Valley National Bancorp ($100 million, completing its re-payment); City National Corporation ($200 million); Trustmark Corporation ($215 million); Eagle Bancorp, Inc. ($15 million); SVB Financial Group ($235 million); Monarch Financial Holdings ($14.7 million); OceanFirst Financial Corp. ($38.3 million); Midland States Bancorp, Inc. ($10.2 million); FPB Financial Corp. ($1 million); and Middleburg Financial Corp. ($22 million). With Bank of America and Wells Fargo re-paying their TARP funds, of the first “Big 9” institutions that received TARP funds, only Citigroup has yet to re-pay.
As of the end of December, 2009, 64 financial institutions had re-paid all, or some portion, of their TARP Capital investment, bringing the total amount re-paid to approximately $122 billion. At the end of December 2009, Treasury’s outstanding investment equaled approximately $83 billion. The Treasury has posted its Dividend and Interest Report for December 2009, which can be accessed here.
As discussed in another post, TARP has been extended until October 3, 2010; however, the TARP Capital Purchase Program ended on December 31, 2009.
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 until October 3, 2010; instead, TARP has been extended, but the CPP component of TARP was completed on December 31, 2009.