Principal, Popular Apply for Treasury Aid: Bailout Scorecard

Principal Financial Group Inc. (PFG) and Popular Inc. (BPOP) joined the more than 100 lenders, insurers and financial companies that have applied for Troubled Asset Relief Program funds totaling at least $65.8 billion, according to data compiled by Bloomberg.

Fifty-seven received preliminary approval for $51.5 billion, while 48 more awaited word on requests totaling at least $14.3 billion.

The Treasury's $700 billion rescue plan for financial firms, announced in October, includes $125 billion allocated to the nine largest U.S. banks and $125 billion originally earmarked for smaller regional lenders.

Some insurers and finance companies are planning to convert to banks to become eligible for the funds. Totals may be higher because disclosures of applications are voluntary, and some smaller institutions are omitted.

Applications for publicly held lenders were due by Nov. 14. The Treasury is accepting requests from privately held banks until Dec. 8.

Following are firms that have announced participation in the
Treasury program. Some names were shortened for space:

FIRST ROUND

INSTITUTION         AMOUNT
Citigroup           $25 billion
Wells Fargo         $25 billion
JPMorgan Chase      $25 billion
Bank of America     $15 billion
Merrill Lynch       $10 billion
Goldman Sachs       $10 billion
Morgan Stanley      $10 billion
Bank of New York    $3.0 billion
State Street        $2.0 billion
TOTAL               $125 billion

SECOND ROUND

PRELIMINARY APPROVAL
INSTITUTION         AMOUNT
PNC                 $7.7 billion
U.S. Bancorp        $6.6 billion
Capital One         $3.6 billion
SunTrust            $3.5 billion
Regions Financial   $3.5 billion
Fifth Third         $3.5 billion
BB&T                $3.1 billion
KeyCorp             $2.5 billion
Comerica            $2.25 billion
Marshall & Ilsley   $1.7 billion
Northern Trust      $1.5 billion
Huntington          $1.4 billion
Zions               $1.4 billion
Popular*            $1.09 billion
Synovus Financial   $973 million
First Horizon       $866 million
Associated Banc*    $530 million
City National Corp. $395 million
TCF Financial       $361 million
TSFG*               $347 million
Valley National     $345 million
Susquehanna*        $345 million
East West Bancorp   $316 million
Citizens Republic   $300 million
UCBH Holdings       $298 million
Cathay General*     $258 million
Umpqua Holdings     $246 million
Washington Federal  $230 million
United Community*   $207 million
First Midwest       $193 million
Pacific Capital*    $188 million
First Niagara       $186 million
Provident           $151 million
Boston Private*     $150 million
Banner Corp.        $142.6 million
Western Alliance    $140 million
Signature Bank      $120 million
Taylor Capital      $105 million 
Midwest Banc        $98.3 million
First Financial     $80 million
Superior Bancorp*   $79.5 million
Columbia Banking    $76.9 million
Nara Bancorp        $67 million
Great Southern*     $60 million
Southern Comm.*     $42.8 million
Simmons First       $40 million
Cascade Financial   $39 million
Peoples Bancorp     $39 million
Encore Bancshares   $34 million
Heritage            $27.6 million
HF Financial        $25 million
Severn Bancorp*     $23.5 million
First PacTrust      $19.3 million
1st Financial       $18.8 million
Bank of Commerce    $17 million
Broadway Financial  $9 million
Saigon National     $1.2 million
TOTAL               $51.5 billion

PARTICIPATION PENDING
INSTITUTION         AMOUNT              NOTES
American Express    $3.5 billion        The Wall Street Journal reported
                                        Nov. 12 the credit-card company
                                        was applying for TARP funds after
                                        it converted to a bank holding
                                        company Nov. 10. American Express
                                        officials in New York declined to
                                        comment.

AmericanWest        $57 million         AmericanWest has applied for the
                                        funding.
BankAtlantic        $124 million        Applied for TARP.
Bar Harbor*         $18.8 million       Seeking shareholder approval to
                                        issue preferred shares.
Berkshire Hills*    $40 million         Applied for TARP.
Cadence Financial*  $44 million         Seeking shareholder approval to
                                        issue preferred shares.
Cape Fear Bank      $12.4 million       Could receive funds up to $12.4
                                        million.
Capital Corp.       $46 million         Applied for TARP participation.
Carolinas*          --                  Applying for TARP.
Cascade Bancorp*    $67.4 million       Applying for TARP.
CIT Group           $2.5 billion        CIT applied to become a bank
                                        holding company Nov. 11 in order
                                        to access as much as $2.5 billion
                                        from the government.
City National       $9 million          Bank said in a regulatory filing
                                        it ``expects to apply'' for cash.
CMS Bancorp         $3.2 million        Applied for TARP funding.
Colonial BancGroup  $570 million        Applied for participation.
                                        Colonial Chief Financial Officer
                                        Sarah Moore had said that the
                                        company could be eligible for as
                                        much as $570 million.
Corus Bankshares*   --                  Has applied for TARP and not yet
                                        received a response.
First Priority      --                  ``Currently evaluating'' TARP
First California*   $25 million         Applied for TARP.
First Chester*      $25 million         Seeking shareholder approval to
                                        issue preferred shares.
FPB Bancorp         $5.8 million        Applied for TARP funds.
Frontier            --                  Applied for TARP funds.
Gateway Financial   --                  Applied for TARP funding; is
                                        merging with Hampton Roads.
Genworth Financial  --                  Genworth is buying Maple Grove,
                                        Minnesota-based InterBank FSB in
                                        order to apply for TARP funding.
German American     $25 million         Applied for TARP funding.
Hampton Roads       --                  Applied for TARP funds; is merging
                                        with Gateway Financial Holdings.
Hartford Financial  $3.4 billion        The insurer agreed to purchase
                                        Sanford, Florida-based Federal
                                        Trust Corp., a savings and loan,
                                        to become eligible for $1.1
                                        billion to $3.4 billion from the
                                        Treasury.
Harleysville        $120 million        Applied for funding.
Heritage            $5.7 million        Applied for TARP.
IBC                 $200 million        IBC scheduled a shareholder vote
                                        to permit issuing preferred
                                        shares. A special meeting is
                                        expected to be held Dec. 8.
Iberiabank*         $115                Received preliminary government
                                        approval and is weighing
                                        participation.
Integra Bank*       --                  Applied for funding.
Lincoln Financial   --                  The insurer is buying Newtown
                                        County Loan & Savings of Goodland,
                                        Indiana in order to access TARP
                                        funds.
Mid-Wisconsin       $10.9 million       Applied for TARP funds Nov. 14.
National Penn       $150 million        Applied for TARP funds.
Northern Cali.      $5.5 million        Seeking shareholder approval to
                                        issue preferred shares for TARP
                                        funds; could be given as little as
                                        $1.95 million.
Old National        $150 million        Old National hasn't decided
                                        whether to participate.
OptimumBank         $4.58 million       Applied to TARP.
Park National       $140 million        Park National Corp. says it
                                        intends to ask the Treasury to
                                        purchase the stake, and will hold
                                        a shareholders meeting on Dec. 5
                                        to approve the new class of
                                        preferred shares.
Parke Bancorp       $16.3 million       Applied for TARP funds Nov. 4.
Pamrapo Bancorp*    $11.4 million       Applied for TARP.
Pinnacle Financial* $95 million         Applied for TARP
Principal*          $2 billion          Applying for TARP through its
                                        Principle Bank savings and loan
                                        subsidiary.
Protective Life*    --                  Is buying Bank of Bonifay in
                                        Bonifay, Florida in order to apply
                                        for TARP.
PSB Holdings        $14 million         Seeking shareholder approval to
                                        issue preferred shares.
Security Bank*      $65.5 million       Applied for TARP.
Southeastern Bank   $30 million         Seeking shareholder approval to
                                        issue preferred shares.
Trustmark           --                  Trustmark says it intends to apply
                                        for the capital and didn't say how
                                        much it could receive from the
                                        Treasury.
West*               $37.8 million       Seeking shareholder approval to
                                        issue preferred shares.
Whitney Holding     $282 million        Intends to apply for funding; will
                                        call a shareholders meeting to
                                        allow issuance of preferred stock.


*New listing for this scorecard; action may have been
previously disclosed.

To contact the reporter on this story:
Linda Shen in New York at 
lshen21@bloomberg.net

To contact the editor responsible for this story:
Rick Green at 
rgreen18@bloomberg.net.


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