TARP’s Capital Purchase Program Funded 43 Banks

Mortgage Insider » Banks » TARP’s Capital Purchase Program Funded 43 Banks

The US Treasury just released a list of 43 banks that received TARP money under the Capital Purchase Program. The total released so far this week to these banks is just under $15 billion.

Strange…

Why is the Treasury Department reporting on these so-called “local banks” getting TARP funds right now when they’ve never done it in the past?

They are playing us for fools, of course!

The Treasury and the Fed are jockeying for the other half of the TARP money (another $350 billion!) to get allocated quickly so they give it to the banks before Obama can usurp the money to fund his stimulus package. To that end the Treasury has released this list of “local banks” to show Congress how “diversified” and even-handed their initial disbursement was…

What a joke!

Here’s the list anyway….I got it from the Treasury Department website here.

Bank of America Corporation Charlotte NC $10,000,000,000
FirstMerit Corporation Akron OH $125,000,000
Farmers Capital Bank Corporation Frankfort KY $30,000,000
Peapack-Gladstone Financial Corporation Gladstone NJ $28,685,000
Commerce National Bank Newport Beach CA $5,000,000
The First Bancorp, Inc. Damariscotta ME $25,000,000
Sun Bancorp, Inc. Vineland NJ $89,310,000
Crescent Financial Corporation Cary NC $24,900,000
American Express Company New York NY $3,388,890,000
Central Pacific Financial Corp. Honolulu HI $135,000,000
Centrue Financial Corporation St. Louis MO $32,668,000
Eastern Virginia Bankshares, Inc. Tappahannock VA $24,000,000
Colony Bankcorp, Inc. Fitzgerald GA $28,000,000
Independent Bank Corp. Rockland MA $78,158,000
Cadence Financial Corporation Starkville MS $44,000,000
LCNB Corp. Lebanon OH $13,400,000
Center Bancorp, Inc. Union NJ $10,000,000
F.N.B. Corporation Hermitage PA $100,000,000
C&F Financial Corporation West Point VA $20,000,000
North Central Bancshares, Inc. Fort Dodge IA $10,200,000
Carolina Bank Holdings, Inc. Greensboro NC $16,000,000
First Bancorp Troy NC $65,000,000
First Financial Service Corporation Elizabethtown KY $20,000,000
Codorus Valley Bancorp, Inc. York PA $16,500,000
MidSouth Bancorp, Inc. Lafayette LA $20,000,000
First Security Group, Inc. Chattanooga TN $33,000,000
Shore Bancshares, Inc. Easton MD $25,000,000
The Queensborough Company Louisville GA $12,000,000
American State Bancshares, Inc. Great Bend KS $6,000,000
Security California Bancorp Riverside CA $6,815,000
Security Business Bancorp San Diego CA $5,803,000
Sound Banking Company Morehead City NC $3,070,000
Mission Community Bancorp San Luis Obispo CA $5,116,000
Redwood Financial Inc. Redwood Falls MN $2,995,000
Surrey Bancorp Mount Airy NC $2,000,000
Independence Bank East Greenwich RI $1,065,000
Valley Community Bank Pleasanton CA $5,500,000
Rising Sun Bancorp Rising Sun MD $5,983,000
Community Trust Financial Corporation Ruston LA $24,000,000
GrandSouth Bancorporation Greenville SC $9,000,000
Texas National Bancorporation Jacksonville TX $3,981,000
Congaree Bancshares, Inc. Cayce SC $3,285,000
New York Private Bank & Trust Corporation New York NY $267,274,000

The sad fact is the bulk of the money went to NINE …count’m 9 mega-banks….so this really is a smokescreen even a Congressman is smart enough to see through…

At least I hope so…

Good Luck!