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CPP Insight

Recent CPP activity

January 29, 2009

By MortgageDaily.com staff


TARP news

More than $16 billion in investments has been distributed so far this year under the capital purchase program. As the U.S. Department of the Treasury issues rules for senior executives at participating bank-holding companies, it is also trying to establish more transparency.

President Barack Obama's new Treasury Secretary Timothy Geithner issued a statement Wednesday outlining a number of steps to bring more transparency to the Troubled Asset Relief Program, which was established under the Emergency Economic Stabilization Act of 2008.

"In the coming weeks, we will unveil a series of reforms to help stabilize the nation's financial system and get credit flowing again to families and businesses," Geithner said in the statement. "Included in those reforms will be a commitment to increase transparency and oversight."

The American Bankers Association issued a news release earlier this month in support of congressional action to release the remaining TARP funds. The group noted that the original $350 billion has been over-allocated even though many banks have not yet had an opportunity to apply for CPP funds.

Wells Fargo & Co., which has already received $25 billion in CPP investments, said in its earnings report yesterday that it did not intend to tap TARP funds again.

A statement from the Treasury this month indicated that term sheets have been released for CPP investments in S corporations taxed under Subchapter S of Chapter 1 of the Internal Revenue Code.

Another Treasury announcement outlined rules for chief executive officers, chief financial officers and the next three most highly compensated executive officers of any firm receiving CPP investments. Compensation shouldn't reward risky behavior, while clawbacks will be required in cases where results were fabricated to boost compensation. Golden parachutes are prohibited, and executive compensation in excess of $500,000 per executive will not be tax deductible by the company.

The Treasury -- which has allocated more than $250 billion in CPP investments to date -- recently announced last week the following $17 billion investments in the following bank-holding companies.


CPP Journal

Name of Institution

Date Announced Action

Amount

1st Source Corp Jan. 23 sale completed $111 million
AB&T Financial Corp Jan. 23 sale completed $3 million
Alarion Financial Services Inc. Jan. 23 sale completed $7 million

American Express Company

Jan. 13 sale completed

$3.4 Billion

American State Bancshares Inc.

Jan. 13 sale completed

$6 million

Bank of America Corp. Jan. 13 sale completed $10.0 Billion
Bank of Commerce Jan. 23 sale completed $3 million
Bank of the James Financial Group Inc. Jan. 16 preliminary approval $3 million
BankFirst Capital Corp. Jan. 23 sale completed $16 million
Bar Harbor Bankshares/Bar Harbor Bank & Trust Jan. 23 sale completed $19 million
The Baraboo Bancorporation Jan. 23 sale completed $21 million
BNCCORP Inc. Jan. 23 sale completed $20 million

C&F Financial Corp.

Jan. 13 sale completed

$20 million

Cadence Financial Corp.

Jan. 13 sale completed

$44 million

California Oaks State Bank Jan. 23 sale completed $3 million
Calvert Financial Corp Jan. 23 sale completed $1 million
CalWest Bancorp Jan. 23 sale completed $5 million

Carolina Bank Holdings Inc.

Jan. 13 sale completed

$16 million

Carver Bancorp Inc. Jan. 23 sale completed $19 million

Center Bancorp Inc.

Jan. 13 sale completed

$10 million

Centra Financial Holdings Inc./Centra Bank Inc. Jan. 23 sale completed $15 million

Central Pacific Financial Corp.

Jan. 13 sale completed

$135 million

Centrue Financial Corp.

Jan. 13 sale completed

$33 million

Citizens & Northern Corp. Jan. 23 sale completed $26 million

Codorus Valley Bancorp Inc.

Jan. 13 sale completed

$16 million

Colony Bankcorp Inc.

Jan. 13 sale completed

$28 million

Commerce National Bank Jan. 13 sale completed $5 million
Commonwealth Business Bank Jan. 23 sale completed $8 million
Community 1st Bank Jan. 23 sale completed $3 million
Community Bank of the Bay Jan. 23 sale completed $2 million

Community Trust Financial Corp.

Jan. 13 sale completed

$24 million

Congaree Bancshares Inc.

Jan. 13 sale completed

$3 million

Crescent Financial Corp. Jan. 13 sale completed $25 million
Crosstown Holding Co. Jan. 23 sale completed $11 million
Dickinson Financial Corp. Jan. 23 sale completed $146 million

Eastern Virginia Bankshares Inc.

Jan. 13 sale completed

$24 million

ECB Bancorp Inc. Jan. 23 sale completed $18 million
Farmers Bank Jan. 23 sale completed $9 million
Farmers Capital Bank Corp. Jan. 13 sale completed $30 million
First BanCorp Jan. 23 sale completed $400 million
The First Bancorp Inc. Jan. 13 sale completed $25 million

First Bancorp

Jan. 13 sale completed

$65 million

First Bankers Trustshares Inc. Jan. 23 sale completed $10 million
First Citizens Banc Corp. Jan. 23 sale completed $23 million

First Financial Service Corp.

Jan. 13 sale completed

$20 million

First Manitowoc Bancorp Inc. Jan. 23 sale completed $12 million
FirstMerit Corp. Jan. 13 sale completed $125 million

First Security Group Inc.

Jan. 13 sale completed

$33 million

First ULB Corp. Jan. 23 sale completed $5 million

F.N.B. Corp.

Jan. 13 sale completed

$100 million

FNB United Corp.

Jan. 22 preliminary approval

$54 million

FPB Financial Corp. Jan. 23 sale completed $3 million
Fresno First Bank Jan. 23 sale completed $2 million

GrandSouth Bancorporation

Jan. 13 sale completed

$9 million

Heritage Bankshares Inc.

Jan. 29 preliminary approval

$6 million

Idaho Bancorp Jan. 23 sale completed $7 million

Independence Bank

Jan. 13 sale completed

$1 million

Independent Bank Corp.

Jan. 13 sale completed

$78 million

LCNB Corp.

Jan. 13 sale completed

$13 million

Liberty Bancshares Inc. Jan. 23 sale completed $58 million
MainSource Financial Group Inc. Jan. 23 sale completed $57 million
MetroCorp Bancshares Inc. Jan. 23 sale completed $45 million
Midland States Bancorp Inc. Jan. 23 sale completed $11 million

MidSouth Bancorp Inc.

Jan. 13 sale completed

$20 million

Mission Community Bancorp

Jan. 13 sale completed

$5 million

Morrill Bancshares Inc. Jan. 23 sale completed $13 million
Moscow Bancshares Inc. Jan. 23 sale completed $6 million
New Hampshire Thrift Bancshares Inc. Jan. 23 sale completed $10 million

New York Private Bank & Trust Corp.

Jan. 13 sale completed

$267 million

North Central Bancshares Inc.

Jan. 13 sale completed

$10 million

OceanFirst Financial Corp. Jan. 23 sale completed $38 million
Old Second Bancorp Inc. Jan. 23 sale completed $73 million
Pacific Coast National Bancorp Jan. 23 sale completed $4 million
Peapack-Gladstone Financial Corp. Jan. 13 sale completed $29 billion
Pierce County Bancorp Jan. 23 sale completed $7 million
Princeton National Bancorp Inc. Jan. 23 sale completed $25 million
Puget Sound Bank Jan. 23 sale completed $5 million
Pulaski Financial Corp. Jan. 23 sale completed $33 million

Rising Sun Bancorp

Jan. 13 sale completed

$6 million

The Queensborough Co.

Jan. 13 sale completed

$12 million

Redwood Capital Bancorp Jan. 23 sale completed $4 million

Redwood Financial Inc.

Jan. 13 sale completed

$3 million

S&T Bancorp Jan. 23 sale completed $109 million
SCBT Financial Corp. Jan. 23 sale completed $65 million
Seaside National Bank & Trust Jan. 23 sale completed $6 million

Security Business Bancorp

Jan. 13 sale completed

$6 million

Security California Bancorp

Jan. 13 sale completed

$7 million

Shore Bancshares Inc.

Jan. 13 sale completed

$25 million

Somerset Hills Bancorp Jan. 23 sale completed $7 million

Sound Banking Co.

Jan. 13 sale completed

$3 million

Southern Bancorp Inc. Jan. 23 sale completed $11 million
Southern Illinois Bancorp Inc. Jan. 23 sale completed $5 million
State Bankshares Inc. Jan. 23 sale completed $50 million
Stonebridge Financial Corp. Jan. 23 sale completed $11 million
Sun Bancorp Inc. Jan. 13 sale completed $89 million

Surrey Bancorp

Jan. 13 sale completed

$2 million

Syringa Bancorp Jan. 23 sale completed $8 million
TCB Holding Co. Jan. 23 sale completed $12 million
Texas Capital Bancshares Inc. Jan. 23 sale completed $75 million

Texas National Bancorporation

Jan. 13 sale completed

$4 million

Treaty Oak Bancorp Inc. Jan. 23 sale completed $3 million
United Bancorp Inc. Jan. 23 sale completed $21 million
United Financial Banking Companies Inc. Jan. 23 sale completed $6 million

Valley Community Bank

Jan. 13 sale completed

$6 million

Washington Banking Co. / Whidbey Island Bank Jan. 23 sale completed $26 million
WSFS Financial Corp. Jan. 23 sale completed $53 million
Yadkin Valley Financial Corp. Jan. 23 sale completed $36 million

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