On January 5, 2009, the Treasury announced the completion of the eighth round of TARP Capital infusions. The Treasury purchased a total of approximately $15.1 billion in securities from 7 financial institutions on Wednesday, December 31, 2008, and has now invested in 215 institutions, totaling $187.5 billion.
Unlike all other rounds, except round 1, this round 8 saw a very small number of institutions receive very large amounts of capital — about $2.1 billion to each institution. The largest infusion went to PNC Financial Services Group, $7.6 billion, which PNC subsequently used to complete its acquisition of National City Corp.
Interestingly, SunTrust Banks went back to the TARP table for a second helping. SunTrust initially applied for and received(at round 2) a $3.5 billion infusion, equal to approximately 2% of its risk-weighted assets. Before the application deadline passed, SunTrust re-applied, seeking an additional infusion of $1.4 billion, equal to approximately 1% of its risk-weighted assets.