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Firms Restructure to Tap TARP Funds

Recent CPP activity

December 2, 2008

By MortgageDaily.com staff


The U.S. Department of the Treasury has already disbursed $150 billion in funds from the Troubled Asset Relief Program to financial institutions and still has another $100 billion to go. The lure of cheap capital has prompted another five firms -- including a commercial financial company, a mortgage servicer and a mortgage insurer -- to initiate the process of converting to bank-holding companies. Three firms are making bank acquisitions as part of the conversion process.

Treasury Secretary Henry M. Paulson Jr. said Monday that hundreds of institutions have applied to participate in the TARP capital purchase plan. So far, $150 billion in funds has been doled out to 52 institutions. A total of $250 billion in CPP funds have been allocated.

Firms that participate in the plan pay 5 percent on preferred shares acquired by the Treasury during the first five years, at which point the return rises to 9 percent.

IBERIABANK Corp. said today it has been approved to receive $115 million in CPP funds, though it only plans to access $90 million. That deal is expected to close within 10 days.

AmericanWest Bancorporation said in its third-quarter earnings report that it has decided to apply for around $57 million in CPP funds.

Freddie Mac expected to receive $13.8 billion from the Treasury by Nov. 29 to wipe out a shareholder deficit from third-quarter losses, according to its third-quarter earnings report. Freddie can draw up to $100 billion in funds from the Treasury facility.

CIT Group Inc. reported last month that it applied with the Federal Reserve Board of Governors to become a bank holding company. The New York-based firm has also received preliminary approval to receive TARP funds. Utah-based subsidiary CIT Bank concurrently filed an application to convert its charter from an industrial bank to a Utah State Bank.

"As the bridge between Wall Street and Main Street, CIT remains one of the few significant sources of liquidity for small and mid-sized businesses," Chairman and CEO Jeffrey M. Peek said in the statement. "As a bank holding company, CIT would be well-positioned to ensure the continued flow of liquidity directly to main street businesses and entrepreneurs."

Mortgage loan servicer Ocwen Financial Corp. has applied with the fed to become a bank holding company by acquiring Kent County State Bank in Jayton, Texas, the fed reported.

Tamalpais Bancorp said last month that it will apply to become a bank holding company. Subsidiary Tamalpais Bank will apply with the California Department of Financial Institutions and the Federal Deposit Insurance Corporation to convert from an industrial banking company to a California state nonmember commercial bank.

Mortgage insurer Genworth Financial announced last month that it has agreed to acquire InterBank FSB of Maple Grove, Minn. In conjunction with the planned acquisition, Genworth filed a savings and loan holding company application with the Office of Thrift Supervision. In addition, the Richmond, Va.-based company has applied for CPP funds.

Lincoln Financial Group recently announced that it applied with OTS to become a savings and loan holding company. The Philadelphia-based firm has also applied to receive CPP funds. The moves were made in conjunction with an agreement to acquire Newton County Loan & Savings FSB, a federally regulated savings bank.

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