November 7, 2009
Authored by: Bryan Cave
During the month of October, the Treasury completed rounds forty-six, forty-seven, and forty-eight of TARP Capital infusions. In these three rounds, which closed on October 2, October 23, and October 30, respectively, the Treasury purchased a total of approximately $58 million in securities from 6 financial institutions (1 of which previously received a TARP capital infusion). Through October 2009, the Treasury had invested in 692 institutions, totaling approximately $204.7 billion.
In these three rounds, Premier Financial Bancorp, Huntington, West Virginia, received the largest infusion, $22 million, and Providence Bank, Rocky Mount, North Carolina, received the smallest infusion, $4 million.
Of note during the month of October, WashingtonFirst Bankshares, Inc. became the first insitution to receive a second investment from Treasury in connection with the TARP expansion for community banks. WashingtonFirst received $6.8 million on October 30, 2009 and had already received $6.6 million on January 1, 2009.
During October, three financial institutions re-paid their TARP capital investments: Flushing Financial Corp. ($70 million), Commerce National Bank ($5 million), and LCNB Corp. ($13.4 million). As of the end of October, 2009, 45 financial institutions had re-paid all, or some portion, of their TARP Capital investment, bringing the total amount re-paid to approximately $70.8 billion. At the end of October 2009, Treasury’s outstanding investment equaled approximately $133.9 billion.
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.