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Ten More Banks Join the Bailout

University Financial Corp. received $11.9 million in bailout fundsAnother 10 banks signed up for the federal program to help bolster "healthy" banks during the economic downturn. The new participants, primarily small local or regional banks in the Midwest, will get a combined $85 million from the Treasury Department. Just how "healthy" some of banks in the program are is up for debate, as we noted on Tuesday.

In the latest batch of investments, a top recipient was University Financial Corp, a local bank whose mission is explicitly to serve economically disadvantaged communities in Minneapolis and St. Paul, Minn. It’s the Capital Purchase Program’s 14th community development bank, which combined have received one-tenth of 1 percent of the overall program commitments.

Here are the latest investments:

Suburban Illinois Bancorp, Inc. - $15 million

Duke Financial Group, Inc. - $12 million

Farmers Enterprises, Inc. -  $12 million

University Financial Corp, Inc. - $11.9 million

Century Financial Services Corporation - $10 million

RCB Financial Corporation - $8.9 million

Biscayne Bancshares, Inc. - $6.4 million

Merchants and Manufacturers Bank Corporation - $3.5 million

Manhattan Bancshares, Inc. - $2.6 million

NEMO Bancshares Inc. - $2.3 million

Also, two small mortgage servicers joined the Making Home Affordable program for foreclosure relief; based on estimates of the number of modifications they will provide, Washington state’s First Federal Savings and Loan was allocated up to $770,000, and California’s Wescom Central Credit Union up to $540,000.

Karen Weise

Karen Weise was an intern at ProPublica and a recipient of the Mark Felt Scholarship for Investigative Reporting at UC Berkeley's Graduate School of Journalism.

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