The U.S. Treasury Department announced today about $386 million of the bailout money went to 23 banks across the nation as part of its Capital Purchase Program (CPP). This press release announcing the funding of these little local banks is more of a PR ploy if you ask me. They want us all to think that the bulk of the funds went to 9 mega-banks…not community banks like you’ll see below.

CPP Funds Local Banks

As I’ve said before, CPP and TARP, the two programs created by the banking bailout bill last summer was really a “big bank” welfare project. So even though I am republishing the local bank list, do think I’ve been taken in by the Treasury Department’s propaganda.

I just thought that if a local bank is going to get Treasury money…they are probably a strong bank.

The following is a complete list of banks receiving funding on January 23, 2009:

Arkansas
Liberty Bancshares, Inc.
$57,500,000

California
California Oaks State Bank
$3,300,000

Calwest Bancorp/South County Bank
$4,656,000

Commonwealth Business Bank
$7,701,000

First ULB Corp.
$4,900,000

Fresno First Bank
$1,968,000

Delaware
WSFS Financial Corporation
$52,625,000

Florida
Alarion Financial Services, Inc.
$6,514,000

Seaside National Bank & Trust
$5,677,000

Illinois
Midland States Bancorp, Inc.
$10,189,000

Princeton National Bancorp, Inc.
$25,083,000

Southern Illinois Bancorp, Inc.
$5,000,000

Indiana
1st Source Corporation
$111,000,000

Louisiana
FPB Financial Corp
$3,240,000

Minnesota
Crosstown Holding Company/21st Century Bank
$10,650,000

Missouri
Calvert Financial Corporation
$1,037,000

Mississippi
BankFirst Capital Corporation
$15,500,000

North Carolina
AB&T Financial Corporatiolliance Bank & Trust Company
$3,500,000

Ohio
First Citizens Banc Corp
$23,184,000

Pennsylvania
Stonebridge Financial Corp.
$10,973,000

Tennessee
Moscow Bancshares, Inc.
$6,216,000

Virginia
Farmers Bank
$8,752,000

Washington
Pierce County Bancorp
$6,800,000

I’ll continue to put all these CPP and TARP receivers of money in the Mortgage News category to keep us abreast of the Treasury Department’s activity.

Good Luck!

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