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Banks Jump On CPP Bandwagon

Recent CPP approvals

November 26, 2008

By MortgageDaily.com staff

A stream of banks have recently reported being approved to sell nearly $1.5 billion in securities to the U.S. Department of the Treasury under the Troubled Asset Relief Program. Most of the participants indicated that they were already well capitalized.

Preferred shares purchased by the Treasury under the capital purchase plan pay 5 percent annually during the first five years then jump to 9 percent. The program was established under the Emergency Economic Stabilization Act of 2008.

An application for $600 million in CPP funds has been preliminarily approved for M&T Bank Corp., an announcement last week said. M&T Chief Financial Officer Rene Jones noted in the statement that the company's capital ratios already exceed regulatory minimums, but "we believe it is important to join the industry in support of this program."

Sterling Financial Corp. issued a press release Monday indicating it was tentatively approved for the sale of $303 million in senior preferred stock. In addition, the Treasury will get $45 million in 10-year warrants. Sterling Chairman and Chief Executive Officer Harold B. Gilkey said the funds will enhance the bank's ability to increase lending and "help stabilize and accelerate recovery of the economy."

Today, Wintrust Financial Corp. said it was approved to sell $250 million in preferred stock under the program. The transaction includes $38 million in warrants. Among other things, the well-capitalized institution expects to increase lending with the proceeds.

The Treasury preliminarily approved Pinnacle Financial Partners Inc. for $95 million in TARP funds, a statement yesterday said. Pinnacle President and CEO M. Terry Turner suggested in the announcement that the Nashville, Tenn.-based firm -- which is well capitalized and operating with a robust loan pipeline -- has "avoided the traps that are currently plaguing many banks and that we are positioned to seize the many strategic opportunities that inevitably result for those that are well prepared."

TowneBank announced today that it received preliminary approval for a $77 million CPP investment. That deal includes warrants on 538,310 common shares with an exercise price of $21.305. TowneBank Chairman and CEO G. Robert Aston said in the statement that the move was made in support of improving the economy and added, "This additional capital will enable us to keep credit readily available to the Hampton Roads community."

Independent Bank Corp. said Monday it was approved to sell $72 million in preferred shares using the TARP program. The Treasury is also expected to receive 10-year warrants for common stock totaling around $11 million, with an exercise price based on the 20 trading day trailing average at issuance.

The Treasury has approved Horizon Bancorp for a $25 million CPP investment, a press release today said. The Treasury will purchase 25,000 Series A shares of Horizon's fixed-rate cumulative perpetual preferred stock and receive warrants for 231,817 shares of common stock at an exercise price of $16.18. The transaction is expected to be complete by Dec. 22.

E*TRADE FINANCIAL Corp. reported yesterday that it is continuing to seek TARP funds and remains optimistic about its success.

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