TARP: $365 million to 23 banks

Latest round of government funding props up institutions in 16 states.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By Kenneth Musante, CNNMoney.com staff writer

When will the economy begin to turn around?
  • Later this year
  • Early next year
  • Late in 2010
  • In 2011 or after

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.

Other payouts ranged from $22 million for Central Community of Texas to $2 million for Lafayette Bancorp in Mississippi. To top of page

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
The 13 most WTF gadgets From the weird to the gross, these 13 gadgets will make you wonder why they even exist. More
Best-loved cars in America These cars and trucks topped J.D. Power's APEAL survey, which measures how much owners like their new vehicles. More
America's most powerful cars A new 'horsepower war' has erupted among U.S. automakers and these are the most potent weapons in their arsenals. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.