Treasury Provides $284.7M To 22 Banks From Bailout

By MARTIN CRUTSINGER

WASHINGTON (AP) — The Treasury Department has provided $284.7 million to 22 banks in the latest payments from the government's $700 billion financial rescue fund.

The government is buying preferred stock in banks as a way to bolster their balance sheets in hopes of getting them to resume more normal lending. With the new payments, the government said Tuesday it has spent $197 billion on this part of bailout.

The largest payment in the new round was $100 million to First Busey Corp. of Urbana, Illinois, followed by Park Bancorporation Inc. of Madison, Wisconsin, which received $23.2 million. ...