In addition to the nine large financial services organizations initially announced as participants in the Capital Purchase Program by Treasury Secretary Paulson and the eight other regional and super regional banks announcing participation over the weekend and yesterday morning, at least seven more financial institutions have announced planned sales of preferred stock and related warrants to the U.S. Treasury. These announcements coincide with the U.S. Treasury’s announcement this morning in remarks by acting Under Secretary for Domestic Finance, Anthony Ryan, that Treasury executed final agreements with the initial nine participants over this past weekend, and has directed its custodian to deliver the capital to those institutions beginning today.
Among those announcing participation were:
- BB&T Corporation ($3.1 billion);
- Comerica Incorporated ($2.25 billion);
- Northern Trust Corporation ($1.5 billion);
- City National Corporation ($395 million);
- UCBH Holdings, Inc. ($298 million);
- Washington Federal, Inc. ($200 million); and
- First Niagara Financial Group, Inc. ($186 million).
These issuances are subject to standard terms and conditions including execution of definitive agreements. Other financial institutions, including Old National Bancorp and Provident Bankshares Corporation have announced receipt of preliminary approval from the U.S. Treasury to participate but have not yet determined to move forward with the equity issuances.