$42 Million Goes to Seven Banks
It's time for your weekly update on the bank bailouts. There were seven more TARP takers this week, totaling $42 million:
Highlands State Bank: $3.1 million
One Georgia Bank: $5.5 million
Gateway Bancshares: $6 million
Freeport Bancshares: $3 million
Investors Financial Corporation of Pettis County: $4 million
Sword Financial Corporation: $13.6 million
Premier Bancorp: $6.8 million
These investments are through the Treasury’s program for “healthy banks,” the Capital Purchase Program. The Treasury currently has $197.94 billion invested in 562 banks all over the country. You can see the entire list of bailout recipients here.
And even though the pace of these investments has slowed drastically in the past few months, Treasury Secretary Tim Geithner told the Independent Community Bankers of America today that the Capital Purchase Program would reopen for applications from small banks (with assets under $500 million), meaning that these investments in community banks could continue through the end of this year.
As big banks return their TARP money, Fannie Mae and Freddie Mac continue to be a drain.
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