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Company: Banner Corp. (BANR)
Participation: Banner received preliminary approval to participate, and the
company plans to issue $124 million in senior preferred shares, with
warrants to purchase up to $18.6 million in common stock.
Date of disclosure: Nov. 4
Notes: The new capital will increase Banner’s Tier 1 leverage capital ratio
to about 11.25% from 8.86% at Sept. 30 and its total risk-based capital
ratio to about 13.9% from 11%.
Company: Columbia Banking Systems Inc. (COLB)
Participation: Columbia received preliminary approval and could issue up to
$76.9 million in senior preferred shares and related warrants.
Date of disclosure: Nov. 4
Notes: The new capital would raise Columbia’s total risk-based capital
ratio to about 14% from 11.24% at Sept. 30.
Company: Heritage Financial Corp. (HFWA)
Participation: Heritage received preliminary approval and plans to issue
about $24 million in senior preferred shares, with warrants to purchase
about $3.6 million in common stock.
Date of disclosure: Nov. 4
Notes: The new capital would increase Heritage’s risk-based capital ratio
to about 13.5%.
Company: Taylor Capital Group Inc. (TAYC)
Participation: Taylor applied to participate and, if approved, plans to
receive an equity investment of about $105 million.
Date of disclosure: Nov. 4
Notes: The new capital would increase Taylor’s total risk-based capital
ratio to about 14%.
Company: Bridge Bancorp (BDGE)
Participation: Bridge is considering participation and has filed a
preliminary proxy statement for a special meeting of shareholders to
approve issuing preferred shares.
Date of disclosure: Nov. 3
Notes: n/a
Company: Cascade Financial Corp. (CASB)
Participation: Cascade received notice that the U.S. Treasury plans to
invest about $39 million in senior preferred stock and related warrants.
Date of disclosure: Nov. 3
Notes: The new capital will raise Cascade’s Tier 1 risk-based capital ratio
to about 10% and its total risk-based capital ratio to about 13%.
Company: Midwest Banc Holdings Inc. (MBHI)
Participation: Midwest received preliminary approval to sell $85.5 million
of preferred shares and issue warrants allowing the U.S. Treasury to
acquire $12.8 million of common shares.
Date of disclosure: Nov. 3
Notes: The infusion would raise the consolidated company and bank
subsidiary pro forma risk-based capital ratios of 11.13% and 10.8%,
respectively.
Company: Pamrapo Bancorp Inc. (PBCI)
Participation: Pamrapo plans to apply and is eligible to receive up to
$11.4 million.
Date of disclosure: Nov. 3
Notes: Assuming full participation, Pamrapo’s Tier 1 capital ratio would
increase to about 11.5% from 9.82% at Sept. 30.
Company: TCF Financial Corp. (TCB)
Participation: TCF received preliminary approval for a $361 million
investment with warrants to buy about 3.2 million common shares.
Date of disclosure: Nov. 3
Notes: n/a
Company: U.S. Bancorp (USB)
Participation: U.S. Bancorp has received preliminary approval for the sale
of $6.6 billion of preferred stock and warrants.
Date of disclosure: Nov. 3
Notes: The company’s Tier 1 capital ratio would rise to 11.4% from 8.5% at
Sept. 30.
Company: The Bank Holdings Inc. (TBHS)
Participation: The Bank Holdings has applied to participate, including the
issuance of $5 million to $15 million in preferred senior shares.
Date of disclosure: Nov. 1
Notes: n/a
Company: American West Bancorp (AWBC)
Participation: American West said it plans to apply for $57 million, the
maximum for which it would be eligible.
Date of disclosure: Oct. 31
Notes: n/a
Company: First Financial Bancorp (FFBC)
Participation: First Financial received preliminary approval for the
Treasury to invest $80 million.
Date of disclosure: Oct. 31
Notes: n/a
Company: NewBridge Bancorp (NBBC)
Participation: NewBridge has applied for $52 million.
Date of disclosure: Oct. 31
Notes: n/a
Company: First Community Bancshares Inc. (FCBC)
Participation: The U.S. Treasury approved First Community’s application.
Date of disclosure: Oct. 30
Notes: Chief Executive Officer John M. Mendez said in a conference call
that the company applied for the maximum investment and expects to get
$42.5 million.
Company: Mackinac Financial Corp. (MFNC)
Participation: Mackinac said it plans to participate in the program,
although it has yet to determine the extent to which it will do so.
Date of disclosure: Oct. 30
Notes: The bank and corporation said they remain well capitalized within
regulatory guidelines.
Company: Signature Bank (SBNY)
Participation: Signature applied for a $120 million investment.
Date of disclosure: Oct. 30
Notes: n/a
Company: Simmons First National Corp. (SFNC)
Participation: Simmons received preliminary approval to participate and
expects to sell $40 million of preferred shares through the program.
Date of disclosure: Oct. 30
Notes: n/a
Company: Bank of America Corp. (BAC)
Participation: The U.S. Treasury said it will inject $15 billion in Bank of
America.
Date of disclosure: Oct. 29
Notes: n/a
Company: Bank of New York Mellon (BK)
Participation: The U.S. Treasury said it will inject $3 billion into Bank
of New York Mellon.
Date of disclosure: Oct. 29
Notes: n/a
Company: Citigroup Inc. (C)
Participation: The U.S. Treasury said it will inject $25 billion into
Citigroup.
Date of disclosure: Oct. 29
Notes: n/a
Company: Goldman Sachs Group Inc. (GS)
Participation: The U.S. Treasury said it will inject $10 billion into
Goldman Sachs.
Date of disclosure: Oct. 29
Notes: n/a
Company: J.P. Morgan Chase & Co. (JPM)
Participation: The U.S. Treasury said it will inject $25 billion into J.P.
Morgan.
Date of disclosure: Oct. 29
Notes: n/a
Company: Merrill Lynch & Co. (MER)
Participation: The U.S. Treasury said it will inject $10 billion into
Merrill Lynch.
Date of disclosure: Oct. 29
Notes: n/a
Company: Morgan Stanley (MS)
Participation: The U.S. Treasury said it will inject $10 billion into
Morgan Stanley
Date of disclosure: Oct. 29
Notes: n/a
Company: Wells Fargo & Co. (WFC)
Participation: The U.S. Treasury said it will inject $25 billion into Wells
Fargo.
Date of disclosure: Oct. 29
Notes: Wells Fargo said separately that its Tier 1 capital ratio was 8.5%
at Sept. 30, before the injection of new capital.
Company: Whitney Holding Corp. (WTNY)
Participation: Whitney intends to apply and is eligible to receive up to
$282 million.
Date of disclosure: Oct. 29
Notes: Assuming full participation, Whitney’s Tier 1 capital ratio would
increase to about 12.17%.
Company: Fifth Third Bancorp (FITB)
Participation: Fifth Third received notification that the U.S. Treasury
would invest $3.45 billion in the bank’s preferred shares and related
warrants.
Date of disclosure: Oct. 28.
Notes: The current investment, on a pro forma basis, would have increased
the bank’s Tier 1 capital ratio at Sept. 30 to about 11.5% from 8.5%,
total capital ratio to 15.3% from 12.3% and ratio of tangible
equity and tangible assets to 9.3% from 6.2%.
Company: International Bancshares Corp. (IBOC)
Participation: Board believes the bank would be eligible for up to $200
million under the program if it secures amendments to allow it to issue
preferred stock.
Date of disclosure: Oct. 28
Notes: On Oct. 27, the bank’s board approved resolutions to amend bank
by-laws in order to allow it to issue preferred shares and called for a
special shareholder meeting to approve the move.
Company: Marshall & Ilsley Corp. (MI)
Participation: Marshall & Ilsley received preliminary approval for about
$1.7 billion in capital.
Date of disclosure: Oct. 28
Notes: This capital would raise the company’s Tier 1 and total capital
ratio levels to 10.9% and 14.8%, respectively, from 7.9% and 11.8% at Sept.
30.
Company: Umpqua Holdings Corp. (UMPQ)
Participation: Umpqua received preliminary approval for an investment $214
million in preferred shares with warrants to buy about $32 million in
common stock.
Date of disclosure: Oct. 28
Notes: The investment will increase Umpqua’s total risk-based capital ratio
to about 14% from 11.2% at Sept. 30.
Company: Zions Bancorp (ZION)
Participation: Zions received preliminary approval for $1.4 billion of
capital.
Date of disclosure: Oct. 28
Notes: The capital would raise Zions Tier 1 risk-based capital ratio to
10.9% from 8.07% and its total risk based capital ratio to 15.13% from
12.3%.
Company: Capital One Financial Corp. (COF)
Participation: Capital One received approval to sell $3.55 billion in
preferred stock
and warrants.
Date of disclosure: Oct. 27
Notes: n/a
Company: City National Corp. (CYN)
Participation: City National received preliminary approval for the Treasury
to invest about $395 million in the company’s preferred stock and warrants.
Date of disclosure: Oct. 27
Notes: The investment will increase City National’s Tier 1 capital ratio to
12% from 9.1%.
Company: Comerica Inc. (CMA)
Participation: Comerica received approval to sell $2.25 billion in senior
preferred stock and warrants.
Date of disclosure: Oct. 27
Notes: Comerica said participation in the program is expected to raise its
Tier 1 capital ratio to an estimated 10.35% from an estimated 7.35% at
Sept. 30.
Company: First Niagara Financial Group Inc. (FNFG)
Participation: The Treasury approved investment of up to $186 million in
First Niagara.
Date of disclosure: Oct. 27
Notes: n/a
Company: HF Financial Corp. (HFFC)
Participation: HF received preliminary approval to participate and applied
to sell $25 million in preferred shares to the Treasury.
Date of disclosure: Oct. 27
Notes: n/a
Company: Huntington Bancshares Inc. (HBAN)
Participation: The Treasury will buy $1.4 billion of preferred shares and
will receive warrants to buy common stock.
Date of disclosure: Oct. 27
Notes: The investment will raise Huntington’s Tier 1 and Total Capital
ratios to 11.9% and 15.1%, respectively, from 8.9% and 12.1%.
Company: KeyCorp (KEY)
Participation: KeyCorp plans to sell $2.5 billion in preferred stock and
warrants.
Date of disclosure: Oct. 27
Notes: KeyCorp said that if it had secured the capital prior to Sept. 30,
its Tier 1 ratio would have been 10.8%, not the 8.5% recorded. The deal was
slated to close within 30 days.
Company: Northern Trust Corp. (NTRS)
Participation: The Treasury plans to buy $1.5 billion in senior preferred
and related warrants.
Date of disclosure: Oct. 27
Notes: n/a
Company: Old National Bancorp (ONB)
Participation: Old National was notified by the U.S. Treasury that it would
be eligible, but the bank hasn’t entered into an agreement.
Date of disclosure: Oct. 27
Notes: n/a
Company: Provident Bankshares Corp. (PBKS)
Participation: Provident was granted preliminary approval to participate.
Date of disclosure: Oct. 27
Notes: Participation is subject to execution of the program’s required
procedures and approval by the company’s board.
Company: Regions Financial Corp. (RF)
Participation: Regions received preliminary approval to sell $3.5 billion
in preferred stock and warrants.
Date of disclosure: Oct. 27.
Notes: The Treasury investment will increase Region’s Tier 1 capital to
about 10.5%. Regions will pay the government a 5% dividend, or $175 million
a year, for each of the first five years of the investment, and 9%
thereafter unless Regions redeems the shares.
Company: State Street Corp. (STT)
Participation: State Street reached a definitive agreement for the U.S.
Treasury to invest $2 billion.
Date of disclosure: Oct. 27
Notes: The Treasury will receive 20,000 shares of State Street’s Series B
fixed-rate cumulative perpetual preferred stock, $100,000 liquidation
preference per share, and a 10-year warrant to purchase 5.58 million shares
of State Street’s common stock at an exercise price of
$53.80 a share.
Company: SunTrust Banks Inc. (STI)
Participation: SunTrust received preliminary approval to sell $3.5 billion
preferred stock and related warrants.
Date of disclosure: Oct. 27.
Notes: Chief Executive James M. Wells said he anticipated the “prudent
deployment” of capital in areas such as the expansion of “careful lending”
and business capability, as well as the exploration of potential
acquisitions. Wells also said keeping capital at elevated levels was
desirable given the economic environment. Suntrust simultaneously cut its
quarterly dividend by 30% to 54 cents from 77 cents.
Company: UCBH Holdings Inc. (UCBH)
Participation: UCBH received preliminary approval for a $298 million
Treasury investment.
Date of disclosure: Oct. 27
Notes: The new capital will boost UCBH’s risk-based capital ratio to
15% from 12.5%.
Company: Washington Federal Inc. (WFSL)
Participation: Washington Federal will issue $200 million in senior
preferred shares, with warrants to purchase up to $30 million in common
stock.
Date of disclosure: Oct. 26
Notes: n/a
Company: First Horizon National Corp. (FHN)
Participation: First Horizon will receive about $866 million in capital.
Date of disclosure: Oct. 24
Notes: The investment will increase the company’s Tier 1 capital ratio to
14.1% from 10.9%.
Company: PNC Financial Services Group Inc. (PNC)
Participation: PNC will sell $7.7 billion of preferred shares and warrants
to finance its stock-and-cash purchase of National City Corp. (NCC).
Date of disclosure: Oct. 24
Notes: n/a
Company: Valley National Bancorp (VLY)
Participation: Valley was approved to sell $330 million in nonvoting senior
preferred shares.
Date of disclosure: Oct. 24
Notes: Valley has “no plan or current need” to participate in other aspects
of TARP, specifically the sale of troubled assets.
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