Oct 28 (Reuters) - More and more U.S. banks are signing up for the government's offer of a cash injection, in addition to the nine that joined the program initially. The injections are a bid to revive the sector, which has suffered since lending has dried up and many loans have gone bad.
The U.S. Treasury Department plans to provide funds for 20
to 22 lenders in the current round of the $250 billion bank
recapitalization program.
Nine of the largest U.S. banks were the first to join the
program and will receive the first $125 billion of capital
infusions:
Bank of America (BAC.N: Quote, Profile, Research, Stock Buzz)/Merrill Lynch (MER.N: Quote, Profile, Research, Stock Buzz) $25 billion
Citigroup (C.N: Quote, Profile, Research, Stock Buzz) $25 billion
JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) $25 billion
Wells Fargo & Co (WFC.N: Quote, Profile, Research, Stock Buzz) $25 billion
Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) $10 billion
Goldman Sachs Group (GS.N: Quote, Profile, Research, Stock Buzz) $10 billion
Bank of New York Mellon Corp (BK.N: Quote, Profile, Research, Stock Buzz) $3 billion
State Street Corp (STT.N: Quote, Profile, Research, Stock Buzz) $2 billion
Total $125 billion
Since Oct. 24, the following banks have said they will take
part in the program:
PNC Financial Services Group Inc (PNC.N: Quote, Profile, Research, Stock Buzz) $7.7 billion
Capital One Financial Corp (COF.N: Quote, Profile, Research, Stock Buzz) $3.55 billion
Regions Financial Corp (RF.N: Quote, Profile, Research, Stock Buzz) $3.5 billion
SunTrust Banks Inc (STI.N: Quote, Profile, Research, Stock Buzz) $3.5 billion
Fifth Third Bancorp (FITB.O: Quote, Profile, Research, Stock Buzz) $3.45 billion
BB&T Corp (BBT.N: Quote, Profile, Research, Stock Buzz) $3.1 billion
KeyCorp (KEY.N: Quote, Profile, Research, Stock Buzz) $2.5 billion
Comerica (CMA.N: Quote, Profile, Research, Stock Buzz) $2.25 billion
Marshall & Ilsley Corp (MI.N: Quote, Profile, Research, Stock Buzz) $1.7 billion
Northern Trust Corp (NTRS.O: Quote, Profile, Research, Stock Buzz) $1.5 billion
Huntington Bancshares (HBAN.O: Quote, Profile, Research, Stock Buzz) $1.4 billion
Zions Bancorp (ZION.O: Quote, Profile, Research, Stock Buzz) $1.4 billion
First Horizon National Corp (FHN.N: Quote, Profile, Research, Stock Buzz) $866 million
City National Corp (CYN.N: Quote, Profile, Research, Stock Buzz) $395 million
Valley National Bancorp (VLY.N: Quote, Profile, Research, Stock Buzz) $330 million
UCBH Holdings Inc (UCBH.O: Quote, Profile, Research, Stock Buzz) $298 million
Umpqua Holdings Corp (UMPQ.O: Quote, Profile, Research, Stock Buzz) $214 million
Washington Federal (WFSL.O: Quote, Profile, Research, Stock Buzz) $200 million
First Niagara Financial Group (FNFG.O: Quote, Profile, Research, Stock Buzz) $186 million
HF Financial Corp (HFFC.O: Quote, Profile, Research, Stock Buzz) $25 million
Bank of Commerce (BOCH.O: Quote, Profile, Research, Stock Buzz) $17 million
Total $38.08 billion
NOTE: Old National Bancorp (ONB.N: Quote, Profile, Research, Stock Buzz) said it has won
preliminary approval for $150 million but has not decided
whether to participate. Provident Bankshares Corp, the parent
of Baltimore-based Provident Bank, also said it has been given
preliminary approval but has not decided whether to
participate.
West Bancorp (WTBA.O: Quote, Profile, Research, Stock Buzz) said on Friday it was seeking
shareholder approval to raise between $12 million and $36
million under the Treasury program.
FirstMerit Corp (FMER.O: Quote, Profile, Research, Stock Buzz) said on Tuesday it was deciding
whether to participate. Paul Greig, chief executive, said he
expects the Treasury's investment in FirstMerit would be $80
million to $250 million. Sterling Bancshares (SBIB.O: Quote, Profile, Research, Stock Buzz) also said
it was considering participating in the program.
(Reporting by Elinor Comlay; Editing by John Wallace)