The Treasury Department doled out another $87.7 million in bailout funds to four banks last Friday. The largest amount, $50 million, went to Illinois' First American Bank Corporation.
Yadkin Valley Financial Corporation in North Carolina received $13.3 million, on top of the $36 million it got back in January. The new infusion comes from the bank's purchase of American Community Bancshares of Charlotte, which had applied for the funds before the April merger, according to the Charlotte Business Journal.
Excluding the 33 banks that have returned their money, 623 companies have received a total of $134.2 billion through Treasury's program to boost the economy by giving money to banks, insurance companies and credit card companies.
Earlier in the week, the Treasury Department released the names of three additional mortgage servicers participating in the Making Home Affordable program. American Home Mortgage Servicing, the second-largest servicer of subprime loans, received an allocation of $1.27 billion in incentive payments to make modifications for troubled homeowners. It's now the fourth-largest participant in the program. There are still other large servicers that haven't signed up, as we reported earlier.
The new bailouts:
- First American Bank Corporation — $50 million
- Florida Bank Group Inc. — $20.5 million
- Yadkin Valley Financial Corporation — $13.3 million
- Community Bancshares Inc. — $3.9 million
