$40.3 Million in Bank Bailouts Heads to the South
Three banks in neighboring Arkansas, Mississippi and Louisiana received a total of $40.3 million as part of Treasury’s program to help "healthy banks." The $17.3 million for Little Rock’s OneFinancial is officially earmarked as part of Treasury’s month-old effort to expand bailout funds to small banks.
First Trust Corporation - $18 million
OneFinancial Corporation - $17.3 million
Covenant Financial Corporation - $5 million
The new infusion is dwarfed by the $68 billion that will soon return to Treasury’s coffers after yesterday’s announcement that ten large banks were approved to repay TARP.
As big banks return their TARP money, Fannie Mae and Freddie Mac continue to be a drain.