Who Got Troubled Asset Relief Program Money? Here’s What the GAO Reports

NOTE:  I’ve changed the method for reporting just a small part of the information 1st table presented in GAO Report #09-161 titled:


Additional Actions Needed to Better Ensure Integrity, Accountability, and Transparency 

Table 1: Amount of Capital Investment and Characteristics of the Qualified Financial Institutions Participating in the Capital Purchase Program, as of November 25, 2008 

Financial Institution  / (Location)  / TARP $

Purchases on October 28, 2008   

Bank of America Corp.  (Charlotte, N.C.)  $15 BILLION  
Bank of New York Mellon Corp.  (New York City, N.Y.)  $3 BILLION
Citigroup, Inc.  (New York City, N.Y.)  25 BILLION a   
Goldman Sachs Group, Inc.  (New York City, N.Y.)   $10 BILLION  
JPMorgan Chase & Co.  (New York City, N.Y.)   $25 BILLION 
Morgan Stanley  (New York City, N.Y.)  $10 BILLION  
State Street Corp.  (Boston, Mass.)  $2 BILLION  
Wells Fargo & Co. (San Francisco, Calif.)  $25 BILLION d 

Purchases on November 14, 2008 
Bank of Commerce Holdings   (Redding, Calif.)  $17 BILLION  
1st FS Corporation   (Hendersonville, N.C.)  $16 Million 
UCBH Holdings, Inc.   (San Francisco, Calif.)  $299 Million   
Northern Trust Corporation  (Chicago, Ill.)  1.576  BILLION  
SunTrust Banks, Inc.   (Atlanta, Ga.)  $3.500 BILLION   
Broadway Financial Corporation   (Los Angeles, Calif.)  $9 Million  
Washington Federal Inc.   (Seattle, Wash.)  $200 Million 
BB&T Corp.   (Winston-Salem, N.C.)  $3.134 Billion
Provident Bancshares Corp.  (Baltimore, Md.)  $152 Million   
Umpqua Holdings Corp.   (Portland, Ore.)  $214 Million 
Comerica Inc.   (Dallas, Tex.)  $2.250 BILLION  
Regions Financial Corp.   (Birmingham, Ala.)  3.500 BILLION  
Capital One Financial Corporation   (McLean, Va,)  $3.555 BILLION 
First Horizon National Corporation   (Memphis, Tenn.)  $867 Million 
Huntington Bancshares   (Columbus, Ohio)  1.398 BILLION 
KeyCorp   (Cleveland, Ohio)  $2.500 BILLION 
Valley National Bancorp   (Wayne, N.J.)  $300 Million  
Zions Bancorporation   (Salt Lake City, Utah)  $1.400 BILLION 
Marshall & Ilsley Corporation   (Milwaukee, Wisc.) $1.715  BILLION 
U.S. Bancorp   (Minneapolis, Minn.) 6.599  BILLION 
TCF Financial Corporation  (Wayzata, Minn.) $361 Million  

Purchases on November 21, 2008  

Ameris Bancorp  (Moultrie, Ga.)  $52 Million 
Associated Banc-Corp  (Green Bay, Wisc.)  $525 Million 
Banner Corporation/Banner Bank  (Walla Walla, Wash)  $124 Million 
Boston Private Financial  (Boston, Mass.)  $154 Million 
Cascade Financial Corporation  (Everett, Wash.)  $39 Million 
Centerstate Banks Of Florida Inc.  (Davenport, Fla.) $28 Million 
City National Corporation  (Beverly Hills, Calif.)  $400 Million
Columbia Banking System, Inc.  (Tacoma, Wash.) $77 Million 
First Community Bancshares Inc. (Bluefield, Va.) $42 Million 
First Community Corporation  (Lexington, S.C.) $11 Million
First Niagra Financial Group (Rockport, N.Y.) $184 Million
First Pactrust Bancorp, Inc.  (Chula Vista, Calif.) $19 Million   
Heritage Commerce Corp  (San Jose, Calif.) $40 Million 
Heritage Financial Corporation  (Olympia, Wash.)  $24 Million  
Hf Financial Corp. (Sioux Falls, S. Dak.)  $25 Million 
Nara Bancorp, Inc.  (Los Angeles, Calf.)   $67  Million 
Pacific Capital Bancorp (Santa Barbara, Calif.)  $181 Million 
Porter Bancorp Inc  (Louisville, Ky.)  $35 Million
Severn Bancorp, Inc. (Annalopis, Md.) $23 Million
Taylor Capital Group (Rosemont, Ill.)  $105 Million
Trustmark Corporation (Jackson, Miss.) $215 Million
Webster Financial Corporation  (Waterbury, Conn.)  $400 Million 
Western Alliance Bancorporation (Las Vegas, Nev.)  $140 Million 

Grand Total $151.472 BILLION  

Sources: Treasury and SEC (Form 10-Q). 
Note: Table does not include the $10 billion purchase of Merrill Lynch & Co. preferred stock because the settlement of this purchase is pending completion of its merger with Bank of America. 

a On November 23, 2008, Treasury announced that it was purchasing an additional $20 billion in preferred shares from Citigroup, Inc. TARP funds were used, but this additional purchase was not part of CPP. 

b Data as of August 29, 2008. 

c Data as of August 31, 2008. 

d Based on estimated 12-31-08 Pro Forma financial statements to reflect the purchase of Wachovia Corporation. 

Treasury made the remaining $125 billion available for additional qualified financial institutions. The period for public financial institutions to apply for the capital purchase ended on November 14, 2008. As shown in table 1, Treasury purchased almost $33.6 billion of senior preferred stock in 21  financial institutions on November 14, 2008 and an additional $2.9 billion in 23 financial institutions on November 21, 2008. The institutions varied in size, and purchases ranged from $9 million to $6.6 billion per institution. 

According to Treasury, it intends to make final eligibility and purchase decisions for qualifying financial institutions by the end of 2008.

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