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Treasury Invests $15B in Seven Banks

TSC Staff

Treasury on Monday said it officially invested $15 billion of the $700 billion government bailout fund in seven banks.

On New Year's Eve, Treasury invested $7.6 billion in PNC Financial Services Group (PNC), $3.4 billion in Fifth Third Bancorp (FITB), $2.3 billion in CIT Group (CIT), $1.4 billion in SunTrust Banks (STI) and smaller amounts in Norfolk, Va.-based Hampton Roads Bancshares (HMPR), West Des Moines, Iowa-based West Bancorp and Clayton, Mo.-based First Banks.

Most of the investments, made through the Troubled Assets Relief Program, were made public previously. To date, Treasury said it has invested $177.5 billion of the $250 billion Capital Purchase Program in return for preferred equity stakes in banks. The investments range in size from as big as $25 billion, for companies like JPMorgan Chase (JPM) and Bank of America (BAC) to as small as $1.5 million.