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Private Banks Soon to Get Shot at Bailout Money
Topics:Economy (U.S.) | Economy (Global) | Banking
Sectors:Financial Services | Banks
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The U.S. Treasury Department said Friday it will soon allow privately held banks to apply for government capital injections under a $250 billion bank rescue program.
The Treasury said it will post application forms and term sheets for private banks, which are generally smaller institutions. This month, it began injecting capital in larger publicly traded institutions by buying senior preferred shares.
It said it will set a "reasonable" deadline for private institutions that will be after the Nov. 14 deadline for publicly traded institutions.
Copyright 2008 Reuters. Click for restrictions.
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