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Nineteen U.S. banks have signed 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 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 received the first $125 billion of capital infusions two weeks ago:
- Bank of America [BAC
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]/Merrill Lynch [MER
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] $25 billion - Citigroup [C
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] $25 billion
- JPMorgan Chase [JPM
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] $25 billion
- Wells Fargo [WFC
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] $25 billion
- Morgan Stanley [MS
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] $10 billion
- Goldman Sachs Group [GS
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] $10 billion
- Bank of New York Mellon [BK
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] $3 billion
- State Street [STT
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] $2 billion
Since Oct. 24, the following banks have said they will take part in the program:
- PNC Financial Services [PNC
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] $7.7 billion
- Capital One Financial [COF
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] $3.55 billion
- Regions Financial [RF
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] $3.5 billion
- SunTrust Banks [STI
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] $3.5 billion
- BB&T [BBT
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] $3.1 billion
- KeyCorp [KEY
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] $2.5 billion
- Comerica [CMA
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]$2.25 billion
- Northern Trust [NTRS
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] $1.5 billion
- Huntington Bancshares [HBAN
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] $1.4 billion
- Zions Bancorp [ZION
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] $1.4 billion
- First Horizon National [FHN
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] $866 million
- City National [CYN
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] $395 million
- Valley National Bancorp [VLY
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] $330 million
- UCBH [UCBH
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] $298 million
- Umpqua Holdings [UMPQ
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] $214 million
- Washington Federal [WFSL
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] $200 million
- First Niagara Financial [FNFG
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] $186 million
- HF Financial [HFFC
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] $25 million
- Bank of Commerce [BOCH
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] $17 million
NOTE: Old National Bancorp [ONB
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] said it has won preliminary approval for $150 million but hasn't decided whether to participate. Provident Bankshares [PBKS
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], the parent of Baltimore-based Provident Bank, also said it has been given preliminary approval but hasn't decided whether to participate.
Fifth Third Bancorp [FITB
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] said on Sunday it expected to receive $3.4 billion but had not yet received Treasury approval.
West Bancorp [WCBO
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] said on Friday it was seeking shareholder approval to raise between $12 million and $36 million under the Treasury program.
FirstMerit [FMER
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] 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
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]also said it was considering participating in the program.
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