Capital One, PNC, SunTrust Take Gov. Money
We are reposting this item from our EconomyWatch blog, The Ticker.
By Binyamin Appelbaum
Fifteen banks have added their names to the list of institutions accepting government investments. The companies include McLean-based Capital One, which said it will take $3.55 billion from the Treasury Department.
The new banks join the nine giants that initially accepted government funding. The government has promised to spread a total of $250 billion among U.S. banks. So far, Treasury has committed about $156 billion.
Here's the list of new additions:
PNC Financial (PA) $7.7 billion
Capital One (VA) $3.55 billion
Regions Financial (AL) $3.5 billion
SunTrust (GA) $3.5 billion
Fifth Third (OH) $3.4 billion
KeyCorp (OH) $2.5 billion
Northern Trust (IL) $1.5 billion
Huntington (OH) $1.4 billion
First Horizon (TN) $866 million
City National (CA) $395 million
Valley National (NJ) $330 million
United Commercial (CA) $298 million
Washington Federal (WA) $200 million
First Niagara (NY) $186 million
Treasury backed off plans Friday to release a list of about 20 institutions that will get government investments in this second round of funding. Instead, the department decided to let institutions announce their own participation in the program. That means we're probably still waiting on about five names.
The two largest U.S. banks that have yet to disclose government investments are U.S. Bancorp, based in Minnesota, and BB&T, based in North Carolina.
October 27, 2008; 11:52 AM ET
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