May 2, 2009
Authored by: Bryan Cave
On April 28, 2009, the Treasury announced the completion of the twenty-fourth round of TARP Capital infusions. The Treasury purchased a total of approximately $121.8 million in securities from 12 financial institutions on Friday, April 24, 2009, and has now invested in 566 institutions, totaling approximately $199 billion.
Standard Bancshares, Inc., Hickory Hills, Illinois, received the largest infusion, $60 million. Indiana Bank Corporation, Dana, Indiana, received the smallest infusion, $1.3 million.
Of note in this twenty-fourth round, Frontier Bancshares, Inc. became the first subchapter S institution to receive a TARP Capital investment. Frontier received $3 million via its issuance of subordinated debentures.
On April 22, 2009, four insitutions redeemed their securities from Treasury:
- TCF Financial Corp., Wayzata, Minnesota ($361 million);
- FirstMerit Corp., Akron, Ohio ($125 million);
- Independent Bank Corp., Rockland, Massachusetts ($78 million); and
- First ULB Corp., Oakland, California ($4.9 million)
In total, eleven institutions have re-paid approximately $1 billion. Thus, the Treasury’s outstanding investment equals approximately $198 billion.
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.