Updated from 7:25 a.m. EDT
A host of regional banks on Monday said they had agreed to sell preferred equity stakes to the federal government, in an expected expansion of a program to stabilize the U.S. banking system.
KeyCorp (KEY Quote), Huntington Bancshares (HBAN Quote), Fifth Third Bancorp (FITB Quote), SunTrust Bank (STI Quote), Comerica (CMA Quote) Northern Trust (NTRS Quote) and Capital One Financial (COF Quote) all said they had agreed to participate in the program, in which the Treasury Department will invest $250 billion in capital from the Troubled Asset Relief Program, or TARP, into banks to encourage stalled lending.
PNC Financial Group (PNC Quote) on Friday said it had accepted a $7.7 billion investment through the program, as it agreed to a $5.7 billion deal for National City (NCC Quote). The deal was seen as a potential bellwether for how banks will use the capital. ...
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