Sterling, Wintrust Apply for Treasury Aid: Bailout Scorecard
By Linda Shen
December 10, 2008
Dec. 10 (Bloomberg) -- Sterling Financial Corp. and Wintrust Financial Corp. joined more than 170 regional lenders, insurers and financial companies in seeking Troubled Asset Relief Program funds totaling at least $74 billion, according to data compiled by Bloomberg. One hundred twenty-seven received preliminary approval for $60.4 billion, and 49 awaited word on requests totaling at least $13.8 billion.
The Treasury's $700 billion rescue plan for financial firms, announced in October, includes $125 billion allocated to the nine largest U.S. banks and $125 billion originally earmarked for smaller regional lenders.
Some insurers and finance companies are planning to convert to banks to become eligible for the funds. Totals may be higher because disclosures of applications are voluntary, and some smaller institutions are omitted.
Applications for publicly held lenders were due Nov. 14 and from privately held banks on Dec. 8. The Office of Thrift Supervision said more than a third of the lenders it regulates have applied for as much as $50 billion from the Treasury's bank- rescue fund. The agency received 268 applications as of Nov. 19, or 32 percent of the regulated industry, for the capital purchase program.
Following are firms that have announced participation in the Treasury program. Some names were shortened for space: FIRST ROUND INSTITUTION AMOUNT Citigroup $25 billion Wells Fargo $25 billion JPMorgan Chase $25 billion Bank of America $15 billion Merrill Lynch $10 billion Goldman Sachs $10 billion Morgan Stanley $10 billion Bank of New York $ 3 billion State Street $ 2 billion TOTAL $125 billion SECOND ROUND PRELIMINARY APPROVAL INSTITUTION AMOUNT PNC* $8.8 billion U.S. Bancorp $6.6 billion SunTrust $4.9 billion Capital One $3.6 billion Regions Financial $3.5 billion Fifth Third $3.5 billion BB&T $3.1 billion KeyCorp $2.5 billion Comerica $2.25 billion Marshall & Ilsley $1.7 billion Northern Trust $1.5 billion Huntington $1.4 billion Zions $1.4 billion Popular $1.09 billion Synovus Financial $973 million First Horizon $866 million M&T Bank* $600 million Colonial BancGroup* $550 million Associated Banc $530 million Webster* $460 million City National Corp. $395 million TCF Financial $361 million TSFG* $399 million East West Bancorp $356 million Valley National $345 million Susquehanna $345 million Sterling Financial* $303 million Whitney Holding* $301 million Citizens Republic $300 million UCBH Holdings $298 million Wintrust Financial* $287.5 million Cathay General $258 million Trustmark* $247.3 million Umpqua Holdings $246 million SVB Financial* $235 million MB Financial* $225.4 million Washington Federal $230 million IBC* $216 million United Community $207 million United Bankshares* $197.3 million First Midwest $193 million Pacific Capital $188 million First Niagara $186 million National Penn* $172.5 million Central Pacific* $155 million Provident $151 million Boston Private $150 million Banner Corp. $142.6 million Western Alliance $140 million CVB Financial* $130 million 1st Source Bank* $127.7 million Signature Bank $120 million Taylor Capital $105 million Midwest Banc $98.3 million Sandy Spring* $95.5 million Columbia Banking $88.4 million TowneBank* $88 million Bank of the Ozarks* $86.3 million Virginia Commerce* $81.7 million Southwest Bancorp* $80.5 million Hampton/Gateway* $80.3 million FF Bancorp $80 million Independent Bank* $78 million Dime Community* $77.3 million Nara Bancorp $77 million WesBanco* $75 million FF Holdings* $74.7 million Independent Bank* $72 million Flushing Financial* $70 million Superior Bancorp $69 million Great Southern* $66.7 million Wilshire Bancorp* $62 million Center Financial* $55 million Ameris Bancorp* $52 million Home BancShares* $50 million Seacoast Banking* $50 million Southern Comm.* $49.2 million Fidelity Southern* $48.2 million First Community* $47.7 million Cascade Financial $44.8 million Eagle Bancorp* $43.9 million Sterling Bancorp* $42 million Simmons First $40 million Heritage Commerce $40 million Peoples Bancorp $39 million StellarOne* $35.4 million Encore Bancshares* $39.1 million Bank of Marin* $32.3 million Tennessee Commerce* $30 million Peoples Bancorp* $28.9 million First California* $28.8 million Peapack-Gladstone* $28.7 million Horizon Bancorp* $28.5 million Heritage $27.6 million Intermountain* $27 million Alliance Financial* $26.9 million LNB Bancorp* $25.2 million HF Financial $25 million The First Bancorp* $25 million VIST Financial* $25 million Crescent Financial* $24.9 million Eastern Virginia* $24 million Unity Bancorp* $23.7 million Citizens South* $23.6 million Severn Bancorp $23.5 million First PacTrust $22.2 million Wainwright Bank* $22 million Blue Valley* $21.8 million Indiana Comm* $21.5 million Unity Bancorp* $20.7 million 1st Financial $18.8 million HopFed Bancorp* $18.4 million Valley Financial* $18.4 million Bank of Commerce $17 million Monarch Financial* $16.9 million LSB Corp.* $15 million Wilber Corp.* $12 million Center Bancorp* $11.5 million Coastal Banking* $11.4 million Southern Missouri* $10.98 million Mid Penn Bancorp* $10 million Elmira Savings* $9.09 million Broadway Financial $9 million Fidelity Bancorp* $8.05 million Old Line* $7 million FPB Bancorp Inc.* $6.7 million Commerce National* $5 million Saigon National $1.2 million TOTAL $60.4 billion PARTICIPATION PENDING: INSTITUTION AMOUNT NOTES American Express $3.5 billion The Wall Street Journal reported Nov. 12 the credit-card company was applying for TARP funds after it converted to a bank holding company Nov. 10. American Express officials in New York declined to comment. American River* $6 million Evaluating securities purchase Agreement on concerns about limitations on cash dividends and share repurchases. AmericanWest $57 million AmericanWest has applied for the funding. BankAtlantic $124 million Applied for TARP. Bar Harbor $18.8 million Seeking shareholder approval to issue preferred shares. Rhode Island* $30 million Applied for TARP. Berkshire Hills $40 million Applied for TARP. Cadence Financial $44 million Seeking shareholder approval to issue preferred shares. Cape Fear Bank $12.4 million Could receive funds up to $12.4 million. Capital Corp. $46 million Applied for TARP participation. Carolinas -- Applying for TARP. Cascade Bancorp $67.4 million Applying for TARP. CIT Group $2.5 billion CIT applied to become a bank holding company Nov. 11 in order to access as much as $2.5 billion from the government. City National $9 million Bank said in a regulatory filing it “expects to apply” for cash. CMS Bancorp $3.2 million Applied for TARP funding. Corus Bankshares -- Has applied for TARP and not yet received a response. E*Trade Financial* $800 million Applied for TARP. First Priority -- “Currently evaluating” TARP First Chester $25 million Seeking shareholder approval to issue preferred shares. First Security* $33 million Seeking shareholder approval to issue preferred shares. FPB Bancorp $5.8 million Applied for TARP funds. Frontier -- Applied for TARP funds. Genworth Financial -- Genworth is buying Maple Grove, Minnesota-based InterBank FSB in order to apply for TARP funding. German American $25 million Applied for TARP funding. GMAC LLC* -- Applied for bank holding company status to access TARP funds. Green Bankshares* $72.3 million Applied for TARP. Hartford Financial $3.4 billion The insurer agreed to purchase Sanford, Florida-based Federal Trust Corp., a savings and loan, to become eligible for $1.1 billion to $3.4 billion from the Treasury. Harleysville $120 million Applied for funding. Iberiabank $115 Received preliminary government approval and is weighing participation. Integra Bank -- Applied for funding. Lincoln Financial -- The insurer is buying Newtown County Loan & Savings of Goodland, Indiana, in order to access TARP funds. Mid-Wisconsin $10.9 million Applied for TARP funds Nov. 14. National Penn $150 million Applied for TARP funds. Northern Cali. $5.5 million Seeking shareholder approval to issue preferred shares for TARP funds; could be given as little as $1.95 million. Old National $150 million Old National hasn't decided whether to participate. OptimumBank $4.58 million Applied to TARP. Park National $140 million Park National Corp. says it intends to ask the Treasury to purchase the stake, and will seek shareholders approval for the new class of preferred shares. Parke Bancorp $16.3 million Applied for TARP funds Nov. 4. Pamrapo Bancorp $11.4 million Applied for TARP. Phoenix Cos. -- Applied for TARP. Pinnacle Financial $95 million Applied for TARP Principal $2 billion Applying for TARP through its Principal Bank savings and loan subsidiary. Protective Life -- Is buying Bank of Bonifay in Bonifay, Florida, in order to apply for TARP. PSB Holdings $14 million Seeking shareholder approval to issue preferred shares. Raymond James* -- Applied for TARP. San Luis Trust* -- Applied for TARP. Security Bank $65.5 million Applied for TARP. Southcrest* $13.1 million Seeking shareholder approval. Southeastern Bank $30 million Seeking shareholder approval to issue preferred shares. West $37.8 million Seeking shareholder approval to issue preferred shares. *New listing for this scorecard; action may have been previously disclosed.