Hundreds of Hands, Billions Of Dollars

Two months ago, the United States Congress passed, and the President signed, the “Great Bailout of 2008”. The Troubled Asset Relief Program, or TARP, was created to provide up to $700 billion of taxpayer money for use by the Treasury Secretary.

Administration of the TARP includes the purchase of mortgage backed securities as well as a program to purchase whole loan packages from regional banks to free up credit on the regional level. According to the Treasury Secretary, these programs will ensure homeownership preservation as well as increase the availability of credit to small businesses and individuals. The TARP also includes an equity purchase program and a program to establish insurance for troubled assets.

While lawmakers in Washington and members of the mainstream media want you to focus on the AIG bailout, the rescue of Bear Stearns, the takeover of Fannie Mae and Freddie Mac, and the latest bailout of Citigroup, I think you should take a look at the list of banks that have received funds or are in the process of doing so.

I find it quite ironic that some banks, which purchased other banks recently, are now on the list for a government handout. Would they have needed the handout if they hadn’t spent all their money purchasing banks that needed to fold in the first place?

The list below, which I found at the CNNMoney website, includes a list of the companies that plan to take part in the government’s TARP program. It’s a massive list of approximately 130 banks, and you’ll be shocked by some of the names on the list.


Company: First Niagara Financial Group Inc. (FNFG)
Participation: First Niagara received $184 million and issued warrants for the purchase of 1.9 million shares at an exercise price of $14.48 a share.
Date of Disclosure: Nov. 25
Notes: First Niagara announced preliminary approval Oct. 27.

Company: Pinnacle Financial Partners Inc. (PNFP)
Participation: Pinnacle received preliminary approval for the sale of $95 million of preferred stock and related warrants.
Date of Disclosure: Nov. 25
Notes: The new capital would increase Pinnacle’s Tier 1 risk-based capital ratio to about 12.3% from 9.8% and its total risk-based capital ratio to about 13.7% from 11.2% at Sept. 30.

Company: State Bancorp Inc. (STBC)
Participation: State received preliminary approval for an investment of about $36 million.
Date of Disclosure: Nov. 25
Notes: The new capital would raise State’s Tier 1 leverage ratio to about 10.57% from 8.37% at Sept. 30 and its total risk-based capital ratio to about 14.77% from 12.32%.

Company: Tennessee Commerce Bancorp Inc. (TNCC)
Participation: Tennessee Commerce received preliminary approval to issue about $30 million in senior preferred shares and warrants.
Date of Disclosure: Nov. 25
Notes: n/a

Company: American River Bankshares (AMRB)
Participation: American River received preliminary approval for $6 million.
Date of Disclosure: Nov. 24
Notes: Shareholders must approve amending the company’s articles of incorporation to authorize preferred stock.

Company: Cascade Financial Corp. (CASB)
Participation: Cascade completed its sale of $39 million in preferred shares with a warrant to buy 863,442 common shares at an exercise price of $6.77 each.
Date of Disclosure: Nov. 24
Notes: When Cascade announced preliminary approval Nov. 3, it said the new capital will raise Cascade’s Tier 1 risk-based capital ratio to about 10% and its total risk-based capital ratio to about 13%. On Nov. 24, the company said the new capital will raise Cascade’s total risk-based capital ratio to 13.4%.

Company: Center Financial Corp. (CLFC)
Participation: Center received preliminary approval for $55 million.
Date of Disclosure: Nov. 24
Notes: The new capital will increase Center’s leverage capital ratio to 11.36% from 8.71% at Sept. 30, its Tier 1 risk-based capital ratio to 12.83% from 9.84% and its total risk-based capital ratio to 14.02% from 11.03%.

Company: CenterState Banks of Florida Inc. (CSFL)
Participation: In a transaction that closed Nov. 21, CenterState issued and sold $27.9 million in preferred shares and a warrant to buy up to 250,825 common shares at an exercise price of $16.67 a share, for an aggregate purchase price of $4.18 million.
Date of Disclosure: Nov. 24
Notes: n/a

Company: Central Federal Corp. (CFBK)
Participation: Central Federal received preliminary approval for a $7.23 million investment.
Date of Disclosure: Nov. 24
Notes: The new capital will raise the company’s Tier 1 capital ratio to about 13.3% and its total capital ratio to about 14.4%.

Company: Citigroup Inc. (C)
Participation: On Oct. 29, the U.S. Treasury said it would inject $25 billion into Citigroup. Late Nov. 23, the Treasury said it would add another $20 billion.
Date of Disclosure: Nov. 24
Notes: Additionally, Citigroup and the government identified a pool of about $306 billion in troubled assets. Citigroup will absorb the first $29 billion in losses. After that, the Treasury, the Federal Reserve and the Federal Deposit Insurance Corp. will take on any additional losses, though the company could have to share a small portion of additional losses.

Company: Fidelity Southern Corp. (LION)
Participation: Fidelity received preliminary approval for $48.2 million.
Date of Disclosure: Nov. 24
Notes: n/a

Company: First Defiance Financial Corp. (FDEF)
Participation: First Defiance received preliminary approval for the Treasury to buy $37 million in newly issued preferred shares.
Date of Disclosure: Nov. 24
Notes: The transaction is expected to close within 30 days.

Company: Heritage Commerce Corp. (HTBK)
Participation: Heritage Commerce completed its sale of $40 million in preferred shares and related common stock warrants.
Date of Disclosure: Nov. 24
Notes: If the issuance of the preferred shares had occurred on Sept. 30, the company’s consolidated leverage ratio would have risen to 10.72% from 8.27%, the Tier 1 risk-based capital ratio to 11.7% from 8.83% and the total risk-based capital to 12.95% from 10.08%. Heritage announced preliminary approval Nov. 5.

Company: Independent Bank Corp. (IBCP)
Participation: Independent received preliminary approval to sell $72 million in preferred shares and issue warrants to buy up to $10.8 million in common shares.
Date of Disclosure: Nov. 24
Notes: Independent expects the new capital to raise the company’s Tier 1 capital-to-average-assets ratio to 9.86% from 7.42% at Sept. 30 and its total capital-to-risk-weighted-assets ratio to 14.17% from 11.29%.

Company: Nara Bancorp Inc. (NARA)
Participation: Nara received $67 million for 67,000 preferred shares and issued a warrant to purchase up to 1.04 million shares at an exercise price of $9.64 a share.
Date of Disclosure: Nov. 21
Notes: The new capital will boost Nara’s leverage capital ratio to 13.07% from 10.42% at Sept. 30, its Tier 1 risk-based capital ratio to 14.85% from 11.84% and its total risk-based capital ratio to 16.08% from 13.08%.

Company: Porter Bancorp Inc. (PBIB)
Participation: Porter completed the sale of $35 million in preferred shares with a warrant to buy 299,829 common shares at $17.51 each.
Date of Disclosure: Nov. 21
Notes: Porter announced preliminary approval Nov. 12.

Company: Trustmark Corp. (TRMK)
Participation: Trustmark completed the issuance and sale of $215 million in preferred shares with a warrant to buy 1.65 million common shares at an exercise price of $19.57 a share.
Date of Disclosure: Nov. 21
Notes: Trustmark announced preliminary approval Nov. 6.

Company: Webster Financial Corp. (WBS)
Participation: Webster received $400 million and issued warrants for up to 3.28 million common shares at an initial exercise price of $18.28 each.
Date of Disclosure: Nov. 21
Notes: The new capital increases Webster’s Tier 1 leverage ratio to 11.1% from 8.7% and its total risk-based capital ratio to 16.2% from 13.2%.

Company: First National Bancshares Inc. (FNSC)
Participation: First National received approval from its Series A preferred shareholders to issue a new class of preferred stock to the U.S. Treasury.
Date of Disclosure: Nov. 20
Notes: n/a

Company: GMAC Financial Services
Participation: GMAC applied to become a bank holding company and participate in TARP, conditional upon becoming a bank holding company.
Date of Disclosure: Nov. 20
Notes: Separately, GMAC commenced private exchange and cash tender offers.

Company: HopFed Bancorp Inc. (HFBC)
Participation: HopFed received preliminary approval and is eligible to receive an investment of up to $18.4 million. HopFed has 30 days to decide whether to participate.
Date of Disclosure: Nov. 20
Notes: The new capital would raise HopFed’s Heritage Bank’s Tier 1 capital ratio to about 9.1% from 7.25% and its total risk-based capital ratio to about 13.7% from 10.8%.

Company: Indiana Community Bancorp (INCB)
Participation: Indiana Community received preliminary approval of its application for $21.5 million.
Date of Disclosure: Nov. 20
Notes: n/a

Company: International Bancshares Corp. (IBOC)
Participation: International received preliminary approval to sell $216 million in preferred shares and related warrants.
Date of Disclosure: Nov. 20
Notes: On Oct. 27, the bank’s board approved resolutions to amend bank by-laws to allow issuing preferred shares and called for a special shareholder meeting, scheduled for Dec. 19, to approve the move.

Company: LNB Bancorp Inc. (LNBB)
Participation: LNB received preliminary approval for a $25.2 million investment.
Date of Disclosure: Nov. 20
Notes: LNB expects the transaction to close by year’s end.

Company: M&T Bank Corp. (MTB)
Participation: M&T received preliminary approval for its application to issue $600 million of preferred shares.
Date of Disclosure: Nov. 20
Notes: n/a

Company: Peapack-Gladstone Financial Corp. (PGC)
Participation: Peapack-Gladstone receieved preliminary approval to sell $28.7 million of preferred shares and related warrants.
Date of Disclosure: Nov. 20
Notes: Peapack-Gladstone must obtain shareholder approval to amend the company’s charter to authorize issuing preferred stock.

Company: Raymond James Financial Inc. (RJF)
Participation: Raymond James confirmed that it applied to participate.
Date of Disclosure: Nov. 20
Notes: n/a

Company: Sandy Spring Bancorp Inc. (SASR)
Participation: Sandy Spring received preliminary approval for the U.S. Treasury to buy up to $83 million in senior preferred stock and receive warrants to buy up to about $12.5 million of common shares.
Date of Disclosure: Nov. 20
Notes: The new capital would raise Sandy Spring’s Tier 1 capital ratio to about 12.68% and its total risk-based capital ratio to about 13.93%.

Company: Southwest Bancorp Inc. (OKSB)
Participation: Southwest Bancorp received preliminary approval to sell up to $70 million in preferred shares and related warrants for the purchase of $10.5 million of common stock.
Date of Disclosure: Nov. 20
Notes: n/a

Company: Wainwright Bank & Trust Co. (WAIN)
Participation: Wainwright received preliminary approval for a $22 million investment.
Date of Disclosure: Nov. 20
Notes: The new capital will increase Wainwright’s leverage capital ratio to 9.04% from 6.81%, its Tier 1 risk-based capital ratio to 12.07% from 9.1% and its total risk-based capital ratio 13.79% from 10.82%.

Company: Wilshire Bancorp Inc. (WIBC)
Participation: Wilshire received preliminary approval for the U.S. Treasury to invest about $62 million in senior preferred stock and related warrants.
Date of Disclosure: Nov. 20
Notes: n/a

Company: Boston Private Financial Holdings Inc. (BPFH)
Participation: Boston Private received preliminary approval for an investment of about $150 million.
Date of Disclosure: Nov. 19
Notes: n/a

Company: CVB Financial Corp. (CVBF)
Participation: CVB received preliminary approval for up to $130 million.
Date of Disclosure: Nov. 19
Notes: n/a

Company: First California Financial Group Inc. (FCAL)
Participation: First California applied to issue up to $25 million of senior preferred shares and warrants.
Date of Disclosure: Nov. 19
Notes: n/a

Company: Security Bank Corp. (SBKC)
Participation: Security Bank has applied and believes it may be eligible to receive about $21.8 million to $65.5 million.
Date of Disclosure: Nov. 19
Notes: Security Bank will hold a shareholders’ meeting in the fourth quarter to seek approval to amend its articles of incorporation to allow for the issuance of preferred stock and to increase the number of authorized common shares.

Company: Susquehanna Bancshares Inc. (SUSQ)
Participation: Susquehanna received preliminary approval to issue $300 million in preferred shares and warrants to buy $45 million in common stock.
Date of Disclosure: Nov. 19
Notes: The new capital will raise the company’s Tier 1 capital ratio to 11.4% from 8.63% at Sept. 30.

Company: Capital One Financial Corp. (COF)
Participation: Capital One sold $3.56 billion in preferred stock and issued a warrant to buy 12.7 million commons shares at an initial exercise price of $42.13 a share.
Date of Disclosure: Nov. 18
Notes: On Oct. 27, Capital One announced receiving approval.

Company: Iberiabank Corp. (IBKC)
Participation: Iberiabank received preliminary approval for up to $115 million.
Date of Disclosure: Nov. 18
Notes: Iberiabank said it continues to weigh the merits and costs associated with the program.

Company: Integra Bank Corp. (IBNK)
Participation: Integra applied to participate.
Date of Disclosure: Nov. 18
Notes: n/a

Company: Pinnacle Financial Partners Inc. (PNFP)
Participation: Pinnacle applied for the sale of up to $95 million of preferred shares and related warrants.
Date of Disclosure: Nov. 18
Notes: n/a

Company: PHH Corp. (PHH)
Participation: PHH filed a “placeholder” application and is seeking thrift status.
Date of Disclosure: Nov. 18
Notes: n/a

Company: Phoenix Cos. (PNX)
Participation: Phoenix filed a “placeholder” application and is seeking thrift status.
Date of Disclosure: Nov. 18
Notes: Phoenix has not yet identified a savings association or savings and loan holding company to acquire.

Company: Popular Inc. (BPOP)
Participation: Popular received preliminary approval and said it expects the U.S. Treasury will buy $950 million in newly issued preferred shares and receive warrants to buy up to $142.5 million in common shares.
Date of Disclosure: Nov. 18
Notes: n/a

Company: Principal Financial Group Inc. (PFG)
Participation: Principal applied to partcipate as a savings and loan holding company and could be eligible to receive up to $2 billion.
Date of Disclosure: Nov. 18
Notes: n/a

Company: Severn Bancorp Inc. (SVBI)
Participation: Severn received approval for $23.5 million.
Date of Disclosure: Nov. 18
Notes: n/a

Company: Southern Community Financial Corp. (SCMF)
Participation: Southern Community received preliminary approval for the sale of $42.75 million in preferred stock and related warrants.
Date of Disclosure: Nov. 18
Notes: The new capital will, on a pro forma basis, raise Southern Community’s leverage ratio to 10.29% from 7.83%, its Tier 1 risk-based capital ratio to 12.28% from 9.34% and its total risk-based capital ratio to 13.61% from 10.67% as of Sept. 30.

Company: Superior Bancorp (SUPR)
Participation: Superior received preliminary approval to sell $69 million in preferred stock and issue warrants to buy about $10.5 million in common stock.
Date of Disclosure: Nov. 18
Notes: The transaction is expected to close by the end of 2008.

Company: Teche Holding Co. (TSH)
Participation: Teche applied and would be eligible to receive up to $15 million.
Date of Disclosure: Nov. 18
Notes: n/a

Company: Texas Capital Bancshares Inc. (TCBI)
Participation: Texas Capital applied for up to $130 million.
Date of Disclosure: Nov. 18
Notes: At the end of the third quarter, Texas Capital reported Tier 1 and total capital ratios of 10.5% and 11.4%, respectively.

Company: United Community Banks Inc. (UCBI)
Participation: United Community received preliminary approval for the U.S. Treasury to buy $180 million preferred shares and receive warrants to buy $27 million in common stock.
Date of Disclosure: Nov. 18
Notes: With the new capital, United Community’s total risk-based capital ratio would increase to 14.3% from 11.4%.

Company: Astoria Financial Corp. (AF)
Participation: Astoria applied to sell $375 million in preferred stock and related warrants.
Date of Disclosure: Nov. 17
Notes: Astoria said there is no assurance it will participate if approved.

Company: Bancorp Rhode Island Inc. (BARI)
Participation: Bancorp Rhode Island said it will participate and is qualified to receive up to $30 million.
Date of Disclosure: Nov. 17
Notes: n/a

Company: Bank of the Ozarks Inc. (OZRK)
Participation: Bank of the Ozarks applied to participate but may still decide not to participate.
Date of Disclosure: Nov. 17
Notes: n/a

Company: Capital Bank Corp. (CBKN)
Participation: Capital Bank received preliminary approval of its $42.9 million application.
Date of Disclosure: Nov. 17
Notes: n/a

Company: CIT Group Inc. (CIT)
Participation: CIT Group applied for as much as $2.5 billion Tier 1 capital through the TARP program. The company applied to become a bank holding company on Nov. 13.
Date of Disclosure: Nov. 17
Notes: n/a

Company: First Chester County Corp. (FCEC)
Participation: First Chester applied for $25 million in capital.
Date of Disclosure: Nov. 17
Notes: n/a

Company: Great Southern Bancorp (GSBC)
Participation: Great Southern received preliminary approval for up to $60 million.
Date of Disclosure: Nov. 17
Notes: n/a

Company: Lincoln National Corp. (LNC)
Participation: Lincoln National filed an application for savings and loan holding company status and an application for the TARP program.
Date of Disclosure: Nov. 17
Notes: n/a

Company: Northern Trust Corp. (NTRS)
Participation: Northern Trust issued preferred shares and warrants to the Treasury Department for a purchase price of $1.576 billion. The company said Oct. 27 that Treasury would buy $1.5 billion in senior preferred and related warrants.
Date of Disclosure: Nov. 17
Notes: n/a

Company: OceanFirst Financial Corp. (OCFC)
Participation: OceanFirst filed a non-binding application and could receive up to $38.3 million.
Date of Disclosure: Nov. 17
Notes: n/a

Company: SunTrust Banks Inc. (STI)
Participation: SunTrust raised $3.5 billion in cash through the sale of preferred stock and warrants to the government under the capital purchase program. The company received preliminary approval to participate Oct. 27.
Date of Disclosure: Nov. 17.
Notes: Chief Executive James M. Wells said he anticipated the “prudent deployment” of capital in areas such as the expansion of “careful lending” and business capability, as well as the exploration of potential acquisitions. Wells also said keeping capital at elevated levels was desirable given the economic environment. SunTrust cut its quarterly dividend by 30% to 54 cents from 77 cents Oct. 27.

Company: TF Financial Corp. (THRD)
Participation: TF Financial is seeking a capital infusion of up to $12.6 million.
Date of Disclosure: Nov. 17
Notes: n/a

Company: Wilmington Trust Corp. (WL) Partcipation: Wilmington Trust received preliminary approval to issue up to $330 million of senior preferred stock, as well as warrants with an initial exercise price of about $26.66 a share.
Date of Disclosure: Nov. 17
Notes: Wilmington Trust said its participation is subject to board approval and would require issuing at least $110 million of senior preferred stock.

Company: Zions Bancorp (ZION)
Participation: Zions sold $1.4 billion in preferred shares and issued a warrant to buy up to 5.8 million common shares.
Date of Disclosure: Nov. 17
Notes: On Oct. 28, Zions said the capital would raise Zions Tier 1 risk- based capital ratio to 10.9% from 8.07% and its total risk based capital ratio to 15.13% from 12.3%.

Company: Genworth Financial Inc. (GNW)
Participation: Genworth filed an application for savings and loan holding company status and an application for the TARP program.
Date of Disclosure: Nov. 16
Notes: n/a

Company: BankAtlantic Bancorp Inc. (BBX)
Participation: BankAtlantic applied to receive about $124 million.
Date of Disclosure: Nov. 14
Notes: n/a

Company: Broadway Financial Corp. (BYFC)
Participation: Broadway received a $9 million investment and issued warrants to buy 183,175 common shares at $7.37 each.
Date of Disclosure: Nov. 14
Notes: Broadway’s risk-based capital ratio was 11% and its tangible capital ratio was 7.65% at Sept. 30.

Company: Citizens Republic Bancorp (CRBC)
Participation: Citizens Republic received preliminary approval for a $300 million investment.
Date of Disclosure: Nov. 14
Notes: The investment will increase Citizens Republic’s Tier 1 capital ratio to as much as 13.85% from 10.88% at Sept. 30.

Company: CMS Bancorp Inc. (CMSB)
Participation: CMS’s board approved an application filing for $3.2 million of preferred stock funding.
Date of Disclosure: Nov. 14
Notes: CMS said a final decision to participate will be made in the next month.

Company: Comerica Inc. (CMA)
Participation: Comerica issued $2.25 billion in senior preferred stock and warrants to buy 11.5 million shares of common stock at an initial exercise price of $29.40 a share.
Date of Disclosure: Nov. 14
Notes: Comerica said Oct. 27 that participation in the program is expected to raise its Tier 1 capital ratio to an estimated 10.35% from an estimated 7.35% at Sept. 30.

Company: East West Bancorp Inc. (EWBC)
Participation: East West received preliminary approval for $316 million of additional capital
Date of Disclosure: Nov. 14
Notes: East West’s total risk-based capital would increase to 16.20% from 13.12%, and tangible equity to tangible assets ratio would increase to 10.73% from 7.95% as of Sept. 30.

Company: 1st Financial Services Corp. (FFIS)
Participation: 1st Financial completed the sale of $16.3 million in preferred shares and issued warrants to buy 276,815 shares at $8.87 each.
Date of Disclosure: Nov. 14
Notes: n/a

Company: German American Bancorp Inc. (GABC)
Participation: German American applied to sell up to $25 million in preferred shares and warrants.
Date of Disclosure: Nov. 14
Notes: The company is authorized to issue up to 500,000 shares of preferred stock without further shareholder approval. None of these shares have been issued or are currently outstanding.

Company: Hartford Financial Services Group (HIG)
Participation: Hartford applied to participate and estimates it would be eligible for a $1.1 billion to $3.4 billion investment.
Date of Disclosure: Nov. 14
Notes: In conjunction with its TARP application, Hartford applied to the Office of Thrift Supervision to become a savings and loan holding company. Hartford said its pact to buy Federal Trust Bank is contingent on its TARP approval.

Company: Huntington Bancshares Inc. (HBAN)
Participation: Huntington sold the U.S. Treasury $1.4 million of preferred shares and warrants to buy up to 23.6 million common shares.
Date of Disclosure: Nov. 14
Notes: The investment will raise Huntington’s Tier 1 and Total Capital ratios to 11.8% and 15%, respectively, from 8.8% and 12%. Huntington announced preliminary approval on Oct. 27.

Company: KeyCorp (KEY)
Participation: KeyCorp completed the sale of $2.5 billion in preferred stock and warrants.
Date of Disclosure: Nov. 14
Notes: On Oct. 27, KeyCorp said that if it had secured the capital prior to Sept. 30, its Tier 1 ratio would have been 10.8%, not the 8.5% recorded.

Company: Marshall & Ilsley Corp. (MI)
Participation: Marshall & Ilsley issued $1.72 billion in preferred shares and a warrant to buy 13.8 million common shares at $18.62 each..
Date of Disclosure: Nov. 14
Notes: On Oct. 28, the company said this capital would raise the company’s Tier 1 and total capital ratio levels to 10.9% and 14.8%, respectively, from 7.9% and 11.8% at Sept. 30.

Company: Peoples Bancorp Inc. (PEBO)
Participation: Peoples received preliminary approval for a $39 million investment.
Date of Disclosure: Nov. 14
Notes: n/a

Company: Regions Financial Corp. (RF)
Participation: Regions completed its sale of $3.5 billion in preferred shares and warrants.
Date of Disclosure: Nov. 14
Notes: The Treasury investment will increase Region’s Tier 1 capital to about 10.5%. Regions announced preliminary approval Oct. 24.

Company: South Financial Group Inc. (TSFG)
Participation: South Financial received preliminary approval for an investment of about $347 million.
Date of Disclosure: Nov. 14
Notes: On Nov. 10, the company said the TARP program restrictions were not and are not currently applicable to an agreement with Chairman and Chief Executive Mack I. Whittle Jr., who retired Oct. 27. South Financial said if the restrictions had been applicable, less than 15% of the amount payable to Whittle would exceed the TARP restrictions on executive compensation.

Company: Synovus Financial Corp. (SNV)
Participation: Synovus received preliminary approval to sell about $973 million in preferred shares and warrants.
Date of Disclosure: Nov. 14
Notes: n/a

Company: UCBH Holdings Inc. (UCBH)
Participation: UCBH issued $298.7 million in preferred shares and warrants to buy up to 7.84 million common shares at an exercise price of $5.71 a share.
Date of Disclosure: Nov. 14
Notes: The new capital will boost UCBH’s risk-based capital ratio to 15% from 12.5%. UCBH announced preliminary approval Oct. 27.

Company: TCF Financial Corp. (TCB)
Participation: TCF received proceeds from a $361 million investment with warrants to buy about 3.2 million common shares at $16.93 each.
Date of Disclosure: Nov. 14
Notes: TCF announced preliminary approval Nov. 3.

Company: Valley National Bancorp (VLY)
Participation: Valley completed its sale of $300 million of preferred shares and issued warrants for the purchase of about 2.3 million common shares with an aggregate market price equal to $45 million or 15% of the senior preferred investment.
Date of Disclosure: Nov. 14
Notes: Valley said Oct. 24 it has “no plan or current need” to participate in other aspects of TARP, specifically the sale of troubled assets.

Company: Washington Federal Inc. (WFSL)
Participation: Washington Federal completed the sale of $200 million in senior preferred shares, with warrants to purchase up to $30 million in common stock.
Date of Disclosure: Nov. 14
Notes: Washington Federal announced preliminary plans Oct. 26.

Company: Bank of Commerce Holdings (BOCH)
Participation: Bank of Commerce received approval for an investment of about $17 million.
Date of Disclosure: Nov. 13
Notes: The investment is expected to occur in the fourth quarter.

Company: Bank of the Carolinas Corp. (BCAR)
Participation: Bank of the Carolinas plans to apply.
Date of Disclosure: Nov. 13
Notes: n/a

Company: Colonial BancGroup Inc. (CNB)
Participation: Colonial applied to participate.
Date of Disclosure: Nov. 13
Notes: n/a

Company: Encore Bancshares Inc. (EBTX)
Participation: Encore received preliminary approval to issue up to $34 million in senior preferred shares and warrants.
Date of Disclosure: Nov. 13
Notes: The new capital would raise the company’s Tier 1 risk-based capital ratio to over 15% from 12.58% at Sept. 30.

Company: National Penn Bancshares Inc. (NPBC)
Participation: National Penn has applied to receive $150 million.
Date of Disclosure: Nov. 13
Notes: n/a

Company: Signature Bank (SBNY)
Participation: Signature received preliminary approval for $120 million in capital from the sale of senior preferred shares and 15% in warrants for the purchase of common stock
Date of Disclosure: Nov. 13
Notes: The new capital will increase the company’s total risk-based capital ratio to more than 19% from 16.11% at Sept. 30. The sale is expected within 30 days. Signature announced its application Oct. 30.

Company: Western Alliance Bancorp. (WAL)
Participation: Western Alliance received preliminary approval for a $140 million investment.
Date of Disclosure: Nov. 13
Notes: The new capital should raise the company’s total capital ratio to about 14.4% from 11.4%.

Company: Capital Corp of the West (CCOW)
Participation: Capital Corp plans to apply to sell up to $46 million of senior preferred shares.
Date of Disclosure: Nov. 12
Notes: n/a

Company: Frontier Financial Corp. (FTBK)
Participation: Frontier has filed an application.
Date of Disclosure: Nov. 12
Notes: n/a

Company: Harleysville National Corp. (HNBC)
Participation: Harleysville filed an application for about $120 million.
Date of Disclosure: Nov. 12
Notes: The $120 million figure is based on a pro forma estimation of assets resulting from the pending acquisition transaction of Willow Financial Bancorp Inc. (WFBC)

Company: American International Group Inc. (AIG)
Participation: The U.S. Treasury said it will purchase $40 billion in senior preferred shares.
Date of Disclosure: Nov. 10
Notes: n/a

Company: First Midwest Bancorp Inc. (FMBI)
Participation: First Midwest received preliminary approval for an investment of about $193 million.
Date of Disclosure: Nov. 10
Notes: n/a

Company: CoBiz Financial Inc. (COBZ)
Participation: CoBiz plans to apply and will propose selling the maximum amount of preferred stock allowed, 3% of its risk-weighted assets.
Date of Disclosure: Nov. 7
Notes: n/a

Company: E*Trade Financial Corp. (ETFC)
Participation: E*Trade filed an application to receive $800 million.
Date of Disclosure: Nov. 7
Notes: n/a

Company: Associated Banc-Corp. (ASBC)
Participation: Associated received preliminary approval for the sale of $530 million of preferred stock and related common warrants.
Date of Disclosure: Nov. 6
Notes: The new capital will increase Associated’s Tier 1 capital ratio to 12.25% from 9.22% at Sept. 30 and its total capital ratio to 14.11% from 11.08%.

Company: Capital Pacific Bancorp (CPBO)
Participation: Capital Pacific received preliminary approval of its $4 million application.
Date of Disclosure: Nov. 6
Notes: n/a

Company: Fulton Financial Corp. (FULT)
Participation: Fulton filed an application to participate up to the maximum allowable amount of 3% of risk-weighted assets, or about $375 million.
Date of Disclosure: Nov. 6
Notes: n/a

Company: Pacific Capital Bancorp (PCBC)
Participation: Pacific Capital received preliminary approval for about $188 million from the U.S. Treasury.
Date of Disclosure: Nov. 6
Notes: The new capital would increase Pacific Capital’s Tier 1 capital to risk-weighted assets ratio to 12.1% and the total capital to risk-weighted assets ratio to 14.9%.

Company: Bridge Bancorp (BDGE)
Participation: Bridge is considering participation and has filed a preliminary proxy statement for a special meeting of shareholders to approve issuing preferred shares.
Date of Disclosure: Nov. 3
Notes: n/a

Company: Midwest Banc Holdings Inc. (MBHI)
Participation: Midwest received preliminary approval to sell $85.5 million of preferred shares and issue warrants allowing the U.S. Treasury to acquire $12.8 million of common shares.
Date of Disclosure: Nov. 3
Notes: The infusion would raise the consolidated company and bank subsidiary pro forma risk-based capital ratios of 11.13% and 10.8%, respectively.

Company: Pamrapo Bancorp Inc. (PBCI)
Participation: Pamrapo plans to apply and is eligible to receive up to $11.4 million.
Date of Disclosure: Nov. 3
Notes: Assuming full participation, Pamrapo’s Tier 1 capital ratio would increase to about 11.5% from 9.82% at Sept. 30.

Company: U.S. Bancorp (USB)
Participation: U.S. Bancorp has received preliminary approval for the sale of $6.6 billion of preferred stock and warrants.
Date of Disclosure: Nov. 3
Notes: The company’s Tier 1 capital ratio would rise to 11.4% from 8.5% at Sept. 30.

Company: The Bank Holdings Inc. (TBHS)
Participation: The Bank Holdings has applied to participate, including the issuance of $5 million to $15 million in preferred senior shares.
Date of Disclosure: Nov. 1
Notes: n/a

Company: American West Bancorp (AWBC)
Participation: American West said it plans to apply for $57 million, the maximum for which it would be eligible.
Date of Disclosure: Oct. 31
Notes: n/a

Company: First Financial Bancorp (FFBC)
Participation: First Financial received preliminary approval for the Treasury to invest $80 million.
Date of Disclosure: Oct. 31
Notes: n/a

Company: NewBridge Bancorp (NBBC)
Participation: NewBridge has applied for $52 million.
Date of Disclosure: Oct. 31
Notes: n/a

Company: First Community Bancshares Inc. (FCBC)
Participation: The U.S. Treasury approved First Community’s application.
Date of Disclosure: Oct. 30
Notes: Chief Executive Officer John M. Mendez said in a conference call that the company applied for the maximum investment and expects to get $42.5 million.

Company: Mackinac Financial Corp. (MFNC)
Participation: Mackinac said it plans to participate in the program, although it has yet to determine the extent to which it will do so.
Date of Disclosure: Oct. 30
Notes: The bank and corporation said they remain well capitalized within regulatory guidelines.

Company: Simmons First National Corp. (SFNC)
Participation: Simmons received preliminary approval to participate and expects to sell $40 million of preferred shares through the program.
Date of Disclosure: Oct. 30
Notes: n/a

Company: Bank of America Corp. (BAC)
Participation: The U.S. Treasury said it will inject $15 billion in Bank of America.
Date of Disclosure: Oct. 29
Notes: n/a

Company: Bank of New York Mellon (BK)
Participation: The U.S. Treasury said it will inject $3 billion into Bank of New York Mellon.
Date of Disclosure: Oct. 29
Notes: n/a

Company: Goldman Sachs Group Inc. (GS)
Participation: The U.S. Treasury said it will inject $10 billion into Goldman Sachs.
Date of Disclosure: Oct. 29
Notes: n/a

Company: J.P. Morgan Chase & Co. (JPM)
Participation: The U.S. Treasury said it will inject $25 billion into J.P. Morgan.
Date of Disclosure: Oct. 29
Notes: n/a

Company: Merrill Lynch & Co. (MER)
Participation: The U.S. Treasury said it will inject $10 billion into Merrill Lynch.
Date of Disclosure: Oct. 29
Notes: n/a

Company: Morgan Stanley (MS)
Participation: The U.S. Treasury said it will inject $10 billion into Morgan Stanley
Date of Disclosure: Oct. 29
Notes: n/a

Company: Wells Fargo & Co. (WFC)
Participation: The U.S. Treasury said it will inject $25 billion into Wells Fargo.
Date of Disclosure: Oct. 29
Notes: Wells Fargo said separately that its Tier 1 capital ratio was 8.5% at Sept. 30, before the injection of new capital.

Company: Whitney Holding Corp. (WTNY)
Participation: Whitney intends to apply and is eligible to receive up to $282 million.
Date of Disclosure: Oct. 29
Notes: Assuming full participation, Whitney’s Tier 1 capital ratio would increase to about 12.17%.

Company: Fifth Third Bancorp (FITB)
Participation: Fifth Third received notification that the U.S. Treasury would invest $3.45 billion in the bank’s preferred shares and related warrants.
Date of Disclosure: Oct. 28
Notes: The current investment, on a pro forma basis, would have increased the bank’s Tier 1 capital ratio at Sept. 30 to about 11.5% from 8.5%, total capital ratio to 15.3% from 12.3% and ratio of tangible equity and tangible assets to 9.3% from 6.2%.

Company: Umpqua Holdings Corp. (UMPQ)
Participation: Umpqua received preliminary approval for an investment $214 million in preferred shares with warrants to buy about $32 million in common stock.
Date of Disclosure: Oct. 28
Notes: The investment will increase Umpqua’s total risk-based capital ratio to about 14% from 11.2% at Sept. 30.

Company: City National Corp. (CYN)
Participation: City National received preliminary approval for the Treasury to invest about $395 million in the company’s preferred stock and warrants.
Date of Disclosure: Oct. 27
Notes: The investment will increase City National’s Tier 1 capital ratio to 12% from 9.1%.

Company: Old National Bancorp (ONB)
Participation: Old National was notified by the U.S. Treasury that it would be eligible, but the bank hasn’t entered into an agreement.
Date of Disclosure: Oct. 27
Notes: n/a

Company: Provident Bankshares Corp. (PBKS)
Participation: Provident was granted preliminary approval to participate.
Date of Disclosure: Oct. 27
Notes: Participation is subject to execution of the program’s required procedures and approval by the company’s board.

Company: State Street Corp. (STT)
Participation: State Street reached a definitive agreement for the U.S. Treasury to invest $2 billion.
Date of Disclosure: Oct. 27
Notes: The Treasury will receive 20,000 shares of State Street’s Series B fixed-rate cumulative perpetual preferred stock, $100,000 liquidation preference per share, and a 10-year warrant to purchase 5.58 million shares of State Street’s common stock at an exercise price of $53.80 a share.

Company: First Horizon National Corp. (FHN)
Participation: First Horizon will receive about $866 million in capital.
Date of Disclosure: Oct. 24
Notes: The investment will increase the company’s Tier 1 capital ratio to 14.1% from 10.9%.

Company: PNC Financial Services Group Inc. (PNC)
Participation: PNC will sell $7.7 billion of preferred shares and warrants to finance its stock-and-cash purchase of National City Corp. (NCC).
Date of Disclosure: Oct. 24
Notes: n/a