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November 11, 2008 at 07:00 PM
DOW JONES NEWSWIRES — The following is a list of companies announcing plans to participate in the U.S. government’s capital purchase program, under which the U.S. Treasury plans to spend up to $250 billion on equity stakes in potentially thousands of banks, using funds approved by Congress under the $700 billion bailout bill.
Company: American International Group Inc. (AIG)
Participation: The U.S. Treasury said it will purchase $40 billion in
senior preferred shares.
Date of disclosure: Nov. 10
Notes: n/a
Company: CoBiz Financial Inc. (COBZ)
Participation: CoBiz plans to apply and will propose selling the maximum
amount of preferred stock allowed, 3% of its risk-weighted assets.
Date of disclosure: Nov. 7
Notes: n/a
Company: E*Trade Financial Corp. (ETFC)
Participation: E*Trade filed an application to receive $800 million.
Date of disclosure: Nov. 7
Notes: n/a
Company: Associated Banc-Corp. (ASBC)
Participation: Associated received preliminary approval for the sale of
$530 million of preferred stock and related common warrants.
Date of disclosure: Nov. 6
Notes: The new capital will increase Associated’s Tier 1 capital ratio to
12.25% from 9.22% at Sept. 30 and its total capital ratio to 14.11% from
11.08%.
Company: Capital Pacific Bancorp (CPBO)
Participation: Capital Pacific received preliminary approval of its $4
million application.
Date of disclosure: Nov. 6
Notes: n/a
Company: Fulton Financial Corp. (FULT)
Participation: Fulton filed an application to participate up to the maximum
allowable amount of 3% of risk-weighted assets, or about $375 million.
Date of disclosure: Nov. 6
Notes: n/a
Company: Trustmark Corp. (TRMK)
Participation: Trustmark received preliminary approval and plans to issue
$215 million in senior preferred shares and warrants to buy $32.3 million
in common shares.
Date of disclosure: Nov. 6
Notes: n/a
Company: Pacific Capital Bancorp (PCBC)
Participation: Pacific Capital received preliminary approval for about $188
million from the U.S. Treasury.
Date of disclosure: Nov. 6
Notes: The new capital would increase Pacific Capital’s Tier 1 capital to
risk-weighted assets ratio to 12.1% and the total capital to risk-weighted
assets ratio to 14.9%.
Company: Heritage Commerce Corp. (HTBK)
Participation: Heritage Commerce received preliminary approval for the U.S.
Treasury to invest about $40 million in the company’s preferred shares and
common stock warrants.
Date of disclosure: Nov. 5
Notes: The investment is expected in the fourth quarter. If the issuance of
the preferred shares had occurred on Sept. 30, the company’s consolidated
leverage ratio would have risen to 10.72% from 8.27%, the Tier 1 risk-based
capital ratio to 11.7% from 8.83% and the total risk-based capital to
12.95% from 10.08%.
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
