TARP: $365 million to 23 banks
Latest round of government funding props up institutions in 16 states.
NEW YORK (CNNMoney.com) -- The Treasury Department offered up details Tuesday for 23 regional banks that received a combined $365 million in the latest round of government bailout funding.
The funds were distributed on Feb. 20 to companies in 16 states through the Troubled Asset Relief Program, a $700 billion bank rescue enacted last October under the Bush administration that was intended to encourage lending.
The Treasury Department received the first half of those funds ($350 billion)immediately in October.
The Obama administration said it was committed to repairing the banking sector in January, when it received the Congressional OK for the remaining $350 billion. Earlier this month, Treasury Secretary Tim Geithner outlined the administration's "Financial Stability Plan," the new name for TARP, and said the government could commit up to $1 trillion to promote consumer and business lending.
So far Treasury has injected a total of $196.4 billion into 442 regional institutions in 48 states and Puerto Rico.
The local banks that received the most money in the current round of funding include First Merchant's Corp. of Indiana at $116 million, BancPlus Corp. of Mississippi at $48 million, and Royal Bancshares of Pennsylvania, which received $30.4 million.