List Of Cos Planning To Participate In U.S. Govt's TARP
December 09 2008 - 12:45PM
Dow Jones News
The following is a list of companies announcing plans to
participate in the U.S. government's capital purchase program,
under which the U.S. Treasury plans to spend up to $250 billion on
equity stakes in potentially thousands of banks, using funds
approved by Congress under the $700 billion bailout bill.
Company: Center Bancorp Inc. (CNBC)
Participation: Received preliminary approval for participation and filed to
sell $11.5 million in preferred stock and warrants.
Date of disclosure: Dec. 9
Notes: The $10 million in preferred stock amounted to about 50% of what the
corporation qualified for.
Company: Elmira Savings Bank (ESBK)
Participation: Received preliminary approval for $9.09 million.
Date of disclosure: Dec. 9
Notes: n/a
Company: Sterling Bancorp (STL)
Participation: Received preliminary approval for up to $42 million.
Date of disclosure: Dec. 9
Notes: n/a
Company: SunTrust Banks Inc. (STI)
Participation: Received preliminary approval to sell the remaining $1.4
billion.
Date of disclosure: Dec. 9
Notes: SunTrust has already received $3.5 billion under the program.
Company: Wilber Corp. (GIW)
Participation: Received preliminary approval for up to $12 million.
Date of disclosure: Dec. 9
Notes: $12 million of capital purchase funds represents about 2% of the
company's risk-weighted assets.
Company: 1st Source Corp. (SRCE)
Participation: Received preliminary approval for up to $111 million.
Date of disclosure: Dec. 8
Notes: 1st Source will also issue a warrant for the Treasury to purchase up
to $16.65 million in common stock, representing about 3.5% of current
common shares outstanding.
Company: BNC Bancorp (BNCN)
Participation: Sold $31.3 million in preferred shares and warrants.
Date of disclosure: Dec. 8
Notes: The preferred shares and warrants for common stock represents 3% of
the company's risk-weighted assets as of Sept. 30.
Company: Crescent Financial Corp. (CRFN)
Participation: Received preliminary approval for up to $24.9 million.
Date of disclosure: Dec. 8
Notes: n/a
Company: CVB Financial Corp. (CVBF)
Participation: CVB sold $130 million in preferred shares and warrants.
Date of disclosure: Dec. 8
Notes: n/a
Company: Eastern Virginia Bankshares (EVBS)
Participation: Received preliminary approval for up to $24 million in
additional capital.
Date of disclosure: Dec. 8
Notes: At the maximum level, total Tier 1 capital would increase to $109.9
million from $85.9 million and total capital would increase to $118.4
million from $94.4 million.
Company: Great Southern Bancorp Inc. (GSBC)
Participation: Sold 58,000 preferred shares for $58 million.
Date of disclosure: Dec. 8
Notes: Great Southern also issued to the Treasury a warrant to purchase
909,091 common shares at $9.57 a share. The amount of preferred shares
represents about 3% of the company's risk-weighted assets as of Sept. 30.
Company: LSB Corp. (LSBX)
Participation: Received preliminary approval for up to $15 million.
Date of disclosure: Dec. 8
Notes: n/a
Company: MB Financial Inc. (MBFI)
Participation: Sold $196 million in preferred stock.
Date of disclosure: Dec. 8
Notes: Sold 196,000 preferred shares and a warrant to purchase 1,012,048
common shares at $29.05 a share.
Company: Southern Missouri Bancorp Inc. (SMBC)
Participation: Sold $9.55 million in preferred stock.
Date of disclosure: Dec. 8
Notes: Issued a warrant to buy 115,326 shares for $12.53 each.
Company: Unity Bancorp Inc. (UNTY)
Participation: Sold $20.65 million in preferred stock.
Date of disclosure: Dec. 8
Notes: n/a
Company: West Bancorporation Inc. (WTBA)
Participation: Received preliminary approval for up to $36 million.
Date of disclosure: Dec. 8
Notes: Participation is contingent upon a Dec. 23 shareholder vote amending
the company's restated articles of incorporation to authorize the issuance
of preferred stock.
Company: Central Bancorp Inc. (CEBK)
Participation: Central sold $10 million in preferred shares.
Date of disclosure: Dec. 5
Notes: The new capital will raise Central Bancorp's Tier 1 leverage ratio
to 8.23% from 6.44% at Sept. 30, its Tier 1 risk-based ratio to 11.92% from
9.32% and its total risk-based ratio to 13.14% from 10.54%.
Company: Coastal Banking Co. Inc. (CBCO)
Participation: Coastal received $9.95 million from the sale of preferred
shares and issued warrants on 205,579 common shares at $7.26 a share.
Date of disclosure: Dec. 5
Notes: The new capital will raise Coastal's Tier 1 risk-based capital ratio
to 15.25% from 12.25% at Sept. 30 and its total risk-based capital ratio to
16.5% from 13.5%.
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