15 Banks and 1 Insurance Company Get Bailout Funds
As the Wall Street Journal reported earlier this week, smaller banks have continued to line up for TARP funds in past weeks even as some of the biggest banks exit. The trend continues. Last Friday, 15 banks received a total of $226.2 million, and one large insurer, Hartford Financial Services, received $3.4 billion, according to a Treasury Department disclosure.
Hundreds more could receive funds. At least 300 banks are still awaiting a decision from regulators and Treasury on whether they will receive bailout funds, according to a report from the Government Accountability Office last month (PDF). So far, 614 financial institutions (excluding those that have returned their funds) have received a total of about $133 billion through Treasury's program for "healthy" banks (or insurance or credit card companies).
Here are this week's recipients, mostly community banks from various states across the country:
| Hartford Financial Services | $3.4 billion |
| Fidelity Resources Company | $3 million |
| Waukesha Bankshares | $5.6 million |
| FC Holdings | $21 million |
| Security Capital Corporation | $17.4 million |
| First Alliance Bancshares | $3.4 million |
| Gulfstream Bancshares | $7.5 million |
| Gold Canyon Bank | $1.6 million |
| M&F Bancorp | $11.7 million |
| Metropolitan Bank Group | $71.5 million |
| NC Bancorp | $6.9 million |
| Alliance Bancshares | $3 million |
| Stearns Financial Services | $24.9 million |
| Signature Bancshares | $1.7 million |
| Fremont Bancorporation | $35 million |
| Alliance Financial Services | $12 million |
As big banks return their TARP money, Fannie Mae and Freddie Mac continue to be a drain.
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