Treasury Provides TARP Funds to Local Banks

by Sabrina I. Pacifici on January 5, 2009

News release: “The U.S. Treasury Department announced details this week of a $15 billion investment in 7 banks made through its Capital Purchase Program. Treasury created the Capital Purchase Program, a part of the Troubled Asset Relief Program, to help to stabilize and strengthen the U.S. financial system. Treasury allocated $250 billion under TARP’s Capital Purchase Program to invest in U.S. financial institutions. To date, the Department has made $177.5 billion of investments, receiving preferred stock and warrants from participating institutions.”

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