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Recent TARP activity

December 9, 2008

By MortgageDaily.com staff

A new watchdog has been confirmed to oversee the $700 billion Troubled Asset Relief Program -- which has seen plenty of action recently.

Bush nominee Neil Barofsky was unanimously confirmed by the U.S. Senate on Monday as inspector general for TARP. His activities will include the auditing and investigation of TARP spending as well as the reporting of his findings to Congress and the president.

SunTrust Banks Inc. said today it was preliminarily approved to sell shares to the U.S. Treasury for the remaining $1.4 billion of its available $4.9 billion. SunTrust Chairman and Chief Executive Officer James M. Wells III explained that economic deterioration since the initial advance prompted the Atlanta-based bank to access the maximum capital under the plan.

Treasury investments in fixed-rate cumulative perpetual preferred stock under the capital purchase program earn 5 percent during the first five years and 9 percent in subsequent years. The Treasury also receives ten-year warrants.

IBERIABANK Corp. reported Friday that it sold preferred shares for $90 million under the TARP program in a deal that included 276,980 warrants at an exercise price of $48.74 per share.

First Defiance Financial Corp. grabbed $37 million by selling 37,000 shares at $1,000 each, an announcement last week said. The deal involves 550,595 warrants exercisable at $10.08. While it was already well capitalized, the fresh capital will increase lending opportunities in its current footprint. First Defiance also announced a foreclosure forbearance program.

Blue Valley Ban Corp. said today it issued 21,750 shares for $22 million to the Treasury. The Overland Park, Kan.-based institution, which was already well capitalized, will use the funds to improve consumer and business lending as well expand its geographic area and asset base.

Monarch Financial Holdings Inc. said last week that it was preliminarily approved to access $15 million in TARP funds with 268,575 warrants to purchase shares at an exercise price of $8.21. The capital will be used to make credit available.

The Wilber Corp. announced today it received preliminary approval to access $12 million under the plan. Wilber President and CEO Douglas Gulotty said the well capitalized company plans to leverage the capital to grow another $100 million.

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