March 15, 2009
Authored by: Bryan Cave
On March 10, 2009, the Treasury announced the completion of the seventeenth round of TARP Capital infusions. The Treasury purchased a total of approximately $285 million in securities from 22 financial institutions on Friday, February March 6, 2009, and has now invested in 491 institutions, totaling approximately $197 billion.
First Busey Corporation, Urbana, Illinois, received the largest infusion: $100 million. Community Bancshares of Kansas, Inc., Goff, Kansas, received the smallest infusion: $500,000.
Of note in this seventeenth round, Florida had 4 institutions receive TARP Capital infusions, raising its total from 11 to 15. Also of note, a fourth CDFI, Citizens Bancshares Corporation of Atlanta, Georgia, received TARP Capital funds.
This round marked the fifth consecutive round where less than 30 institutions received TARP Capital infusions. In fact, other than the eighth round (12/31/2008), where 7 institutions received TARP funds, this round saw the fewest number of TARP closings. As we noted in a previous post, it is unclear what is contributing to or causing this diminishing number of TARP closings.
Click here to view our updated TARP Map.
Click here to view our updated list of TARP Capital recipients and a description of our methodology in compiling the list.