Yesterday the Treasury released its most recent transactions report for the period ended September 17th, 2010. The report shows the exchange of $7.5 million (the total initial investment amount) of subordinated debentures with exercised warrants (and an additional investment of the $375,000 garnered by Treasury) in First Eagle Bancshares, Inc. from the Capital Purchase Program (CPP) into the Community Development Capital Initiative (CDCI). The Treasury also invested a total of $10,277,000 in American Bancorp of Illinois, Inc., Hope Federal Credit Union, and Genesee Co-op Federal Credit Union, and made an additional investment of $4,379,000 in Citizens Bancshares Corporation under the CDCI.
The report also notes the previously announced auction of warrants in Lincoln National Corporation, resulting in a total of $216,620,887 for the Treasury. Treasury also today announced the pricing of its previously announced warrant offering of The Hartford Financial Services Group, Inc., at $13.70 per warrant. The offering was priced through a modified Dutch auction and the aggregate net proceeds to Treasury are expected to be $706,264,560. The closing is expected to occur on or about September 27, 2010, subject to customary closing conditions.
There is now $199,023,000 invested in the CDCI and $55,050,664,785 (net of repayments) invested in the CPP.
Finally, four new classes of funds have been added to the Small Business and Community Lending Initiative. There is now $315,937,644 (subject to adjustment) invested under the program.