Discover, Cadence Apply for Treasury Funds: Bailout Scorecard

Discover Financial Services (DFS) and Cadence Financial Corp. joined more than 190 regional lenders, insurers and financial companies in seeking Troubled Asset Relief Program funds totaling at least $75 billion, according to data compiled by Bloomberg. One hundred and forty-eight received preliminary approval for $61.7 billion, and at least 45 awaited word on requests totaling about $14.6 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 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 Nov. 14 and from privately held banks Dec. 8. The Office of Thrift Supervision said more than a third of lenders it regulates have applied for as much as $50 billion from the bank-rescue fund. The agency received 268 applications as of Nov. 19, or 32 percent of the regulated industry, for the program.


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 billion
State Street        $ 2 billion
TOTAL               $125 billion

SECOND ROUND

PRELIMINARY APPROVAL
INSTITUTION         AMOUNT
PNC                 $8.8 billion
U.S. Bancorp        $6.6 billion
SunTrust            $4.9 billion
Capital One         $3.6 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
M&T Bank            $600 million
Colonial BancGroup  $550 million
Associated Banc     $530 million
Webster             $460 million
City National Corp. $395 million
TCF Financial       $361 million
South Financial     $399 million
East West Bancorp   $356 million
Valley National     $345 million
Susquehanna         $345 million
Citizens Republic*  $345 million
Sterling Financial  $303 million
Whitney Holding     $301 million 
Citizens Republic   $300 million
UCBH Holdings       $298 million
Wintrust Financial  $287.5 million
Cathay General      $258 million
Trustmark           $247.3 million
Umpqua Holdings     $246 million
SVB Financial       $235 million
MB Financial        $225.4 million
Washington Federal  $230 million
IBC                 $216 million
United Community    $207 million
United Bankshares   $197.3 million
First Midwest       $193 million
Pacific Capital     $188 million
First Niagara       $186 million
National Penn       $172.5 million
Central Pacific     $155 million
Provident           $151 million
Boston Private      $150 million
Banner Corp.        $142.6 million
Western Alliance    $140 million
CVB Financial       $130 million
1st Source Bank     $127.7 million
Signature Bank      $120 million
Taylor Capital      $105 million
Iberiabank          $103.5 million
Midwest Banc        $98.3 million
Sandy Spring        $95.5 million
Columbia Banking    $88.4 million
TowneBank           $88 million
Bank of the Ozarks  $86.3 million
Virginia Commerce   $81.7 million
Southwest Bancorp   $80.5 million
Hampton/Gateway     $80.3 million
FF Bancorp          $80 million
Independent Bank    $78 million
Dime Community      $77.3 million
Nara Bancorp        $77 million
WesBanco            $75 million
First Bancorp*      $74.8 million
FF Holdings         $74.7 million
Independent Bank    $72 million
Flushing Financial  $70 million
Superior Bancorp    $69 million
Union Bankshares*   $68 million
Lakeland Bancorp*   $67.9 million
Great Southern      $66.7 million
CoBiz Financial*    $64.5 million
Wilshire Bancorp    $62 million
BancTrust*          $57.5 million
Center Financial    $55 million
Ameris Bancorp      $52 million
Cadence Financial   $50.6 million
Home BancShares     $50 million
Seacoast Banking    $50 million
Southern Comm.      $49.2 million
Fidelity Southern   $48.2 million
First Community     $47.7 million
Capital Bank*       $47.5 million
First M&F Corp.*    $46 million
The Bancorp Inc.*   $45.2 million
MetroCorp*          $45 million
Cascade Financial   $44.8 million
Eagle Bancorp       $43.9 million
Sterling Bancorp    $42 million
Simmons First       $40 million
Heritage Commerce   $40 million
Encore Bancshares   $39.1 million
Peoples Bancorp     $39 million
Centrue Financial*  $37.6 million
StellarOne          $35.4 million
Farmers Capital*    $34.5 million
Bank of Marin       $32.3 million
Tennessee Commerce  $30 million
Peoples Bancorp     $28.9 million
First California    $28.8 million
Peapack-Gladstone   $28.7 million
Horizon Bancorp     $28.5 million
Heritage            $27.6 million
Intermountain       $27 million
Alliance Financial  $26.9 million
LNB Bancorp         $25.2 million
HF Financial        $25 million
The First Bancorp   $25 million
VIST Financial      $25 million
Crescent Financial  $24.9 million
Eastern Virginia    $24 million
Unity Bancorp       $23.7 million
Citizens South      $23.6 million
Severn Bancorp      $23.5 million
First PacTrust      $22.2 million
Wainwright Bank     $22 million
Blue Valley         $21.8 million
Indiana Comm        $21.5 million
1st Financial       $18.8 million
HopFed Bancorp      $18.4 million
Valley Financial    $18.4 million
Bank of Commerce    $17 million
Monarch Financial   $16.9 million
LSB Corp.           $15 million
BCSB Bancorp*       $12.4 million
Wilber Corp.        $12 million
Center Bancorp      $11.5 million
Coastal Banking     $11.4 million
Southern Missouri   $10.98 million
Citizens First*     $10.1 million
Mid Penn Bancorp    $10 million
Elmira Savings      $9.09 million
Broadway Financial  $9 million
Fidelity Bancorp    $8.05 million
Commonwealth*       $7.7 million
CNB Financial*      $7.4 million
Old Line            $7 million
FPB Bancorp Inc.    $6.7 million
Patapsco Bancorp*   $6.3 million
Commerce National   $5 million
Pacific Commerce*   $4.06 million
Manhattan Bancorp*  $1.96 million
Saigon National     $1.2 million
TOTAL               $61.7 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.
American River      $6 million          Evaluating securities purchase
                                        Agreement on concerns about
                                        limitations on cash dividends and
                                        share repurchases.
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.
Rhode Island        $30 million         Applied for TARP.
Berkshire Hills     $40 million         Applied for TARP.
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.
CMS Bancorp         $3.2 million        Applied for TARP funding.
Corus Bankshares    --                  Has applied for TARP and not yet
                                        received a response.
Discover Financial* $1.2 billion        Applied for TARP and to the
                                        Federal Reserve to become a bank
                                        holding company.
E*Trade Financial   $800 million        Applied for TARP.
First Priority      --                  “Currently evaluating” TARP
First Chester       $25 million         Seeking shareholder approval to
                                        issue preferred shares.
First Security      $33 million         Seeking shareholder approval to
                                        issue preferred shares.
Frontier            --                  Applied for TARP funds.
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.
GMAC LLC            --                  Applied for bank holding company
                                        status to access TARP funds.
Green Bankshares    $72.3 million       Applied for TARP.
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.
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.
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 seek
                                        shareholders approval for 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.
Phoenix Cos.        --                  Applied for TARP.
Pinnacle Financial  $95 million         Applied for TARP
Principal           $2 billion          Applying for TARP through its
                                        Principal 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.
Raymond James       --                  Applied for TARP.
San Luis Trust      --                  Applied for TARP.
Security Bank       $65.5 million       Applied for TARP.
Southcrest          $13.1 million       Seeking shareholder approval.
Southeastern Bank   $30 million         Seeking shareholder approval to
                                        issue preferred shares.
West                $37.8 million       Seeking shareholder approval to
                                        issue preferred shares.

*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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