Treasury Winds Down Bank Bailouts With $29M Outlay
WASHINGTON (AP) ¿ The Treasury Department said Thursday it has pumped $29.3 million into 10 banks, which will be the last to receive investments as part of the taxpayer-funded program to shore up the financial system.
The aid comes from a $700 billion financial bailout program created last year during the height of the financial crisis.
The investments in the 10 banks are the last under Treasury's so-called Capital Purchase Program, Treasury officials said. By law, the Treasury must report the transactions ¿ which occurred on Tuesday ¿ within two business days.Although the government anticipated winding down support for banks, Treasury Secretary Geithner recently extended the publicly derided bailout program, saying it will now focus on helping homeowners avoid foreclosures and small businesses get loans. The banks receiving the latest outlay are: Atlantic Bancshares Inc. in South Carolina; Union Financial Corp. in New Mexico; Mainline Bancorp Inc., in Pennsylvania; FBHC Holding Co. in Colorado; Western Illinois Bancshares Inc. in Illinois; DeSoto County Bank in Mississippi; Lafayette Bancorp. Inc. in Mississippi; Private Bancorporation Inc. in Minnesota; CBB Bancorp in Georgia; and Illinois State Bancorp Inc. in Illinois.
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