Discover, Cadence Apply for Treasury Funds: Bailout Scorecard

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Discover Financial Services 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.