List Of Cos Planning To Participate In U.S. Govt's TARP -4-
09 December 2008 - 4:45AM
Dow Jones News
Company: TIB Financial (TIBB)
Participation: TIB received preliminary approval and expects the Treasury
to invest $37 million in the company's senior preferred shares, receiving
warrants to buy $5.5 million on TIB's common shares.
Date of disclosure: Dec. 1
Notes: The new capital will increase TIB's leverage capital ratio to about
10% and its total risk-based capital ratio to about 13.6%.
Company: Washington Banking Co. (WBCO)
Participation: Washington received preliminary approval for a $26.38
million investment, with related warrants.
Date of disclosure: Dec. 1
Notes: If the issuance of preferred shares had occurred Sept. 30, the new
capital would have raised the company's consolidated leverage ratio to
14.64% from 11.68%, the Tier 1 risk-based capital ratio to 14.81% from
11.81% and the Tier 1 risk-based capital ratio to 16.06% from 13.06%.
Company: Hanmi Financial Corp. (HAFC)
Participation: Hanmi applied for a $105 million investment.
Date of disclosure: Nov. 26
Notes: n/a
Company: Horizon Bancorp (HBNC)
Participation: Horizon received preliminary approval to sell $25 million in
preferred shares and issue a warrant to buy 231,817 common shares at an
exercise price of $16.18 each.
Date of disclosure: Nov. 26
Notes: The transaction is expected to close on or before Dec. 22.
Company: Mid Penn Bancorp Inc. (MPB)
Participation: Mid Penn received preliminary approval to issue $10 million
in senior preferred shares and related warrants.
Date of disclosure: Nov. 26
Notes: The company's stock repurchase program will terminate on Dec. 10,
2008, so Mid Penn complies with the terms of the program.
Company: National Penn Bancshares Inc. (NPBC)
Participation: National Penn recevied preliminary approval to issue $150
million in senior preferred shares and warrants to buy 1.47 million common
shares.
Date of disclosure: Nov. 26
Notes: National Penn announced its application Nov. 13.
Company: TowneBank (TOWN)
Participation: TowneBank received preliminary to issue $76.5 million in
preferred shares and warrants on 538,310 common shares with an exercise
price of $21.305 each.
Date of disclosure: Nov. 26
Notes: n/a
Company: Virginia Commerce Bancorp Inc. (VCBI)
Participation: Virginia received preliminary approval to issue up to $71
million of preferred shares and warrants to buy about $10.65 million of
common stock.
Date of disclosure: Nov. 26
Notes: The new capital will increase the company's total risk-based capital
ratio to 14.58% from 11.59% at Sept. 30.
Company: Wintrust Financial Corp. (WTFC)
Participation: Wintrust received preliminary approval to sell $250 million
in senior preferred shares and issue warrants to buy about $37.5 million in
common stock.
Date of disclosure: Nov. 26
Notes: On Nov. 24, Wintrust announced its application. The company expects
the transaction to close within 30 days of approval and before year's end.
Company: Whitney Holding Corp. (WTNY)
Participation: Whitney received preliminary approval to issue about $301
million in preferred shares and related warrants.
Date of disclosure: Nov. 26
Notes: Participation is subject to shareholder approval on Dec. 17 at a
special shareholders' meeting. On Oct. 29, Whitney said that it intended to
apply and that, assuming full participation, Whitney's Tier 1 capital ratio
would increase to about 12.17%.
Company: American International Group Inc. (AIG)
Participation: The U.S. Treasury purchased 4 million Series D preferred
shares for $40 billion and a warrant to buy common stocks.
Date of disclosure: Nov. 25
Notes: AIG will use the proceeds to reduce its outstanding borrowings under
the original credit agreement with the Federal Reserve Bank of New York.
The maximum capacity of that credit agreement will be reduced from $85
billion to $60 billion.
Company: First Community Corp. (FCCO)
Participation: First Community completed the sale of $11.4 million in
preferred shares on Nov. 21 and issued warratns to buy 195,915 common
shares.
Date of disclosure: Nov. 25
Notes: n/a
Company: First Niagara Financial Group Inc. (FNFG)
Participation: First Niagara received $184 million and issued warrants for
the purchase of 1.9 million shares at an exercise price of $14.48 a share.
Date of disclosure: Nov. 25
Notes: First Niagara announced preliminary approval Oct. 27.
Company: Green Bankshares Inc. (GRNB)
Participation: Green received preliminary approval for the Treasury to
invest $72.3 million in preferred shares.
Date of disclosure: Nov. 25
Notes: Shareholders must approve amending the company's charter to
authorize issuing preferred stock.
Company: Greer Bancshares Inc. (GRBS)
Participation: Greer filed an application on Nov. 13.
Date of disclosure: Nov. 25
Notes: Greer's board decided to forego paying a fourth-quarter common stock
dividend.
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