Washington : The Treasury Department said on Thursday it has pumped $29.3 million (Dh107.6 million) into 10 banks, which will be the last to receive investments as part of the taxpayer-funded program-me to shore up the financial system.
The aid comes from a $700 billion financial bailout program created last year during the height of the financial crisis.
The investments in the 10 banks are the last under Treasury's so-called Capital Purchase Programme, Treasury officials said. By law, the Treasury must report the transactions — which occurred on Tuesday — within two business days.
Although the government anticipated winding down support for banks, Treasury Secretary Geithner recently extended the bailout programme, saying it will now focus on helping homeowners avoid foreclosures and small businesses get loans.
The banks receiving the latest outlay are: Atlantic Bancshares Inc in South Carolina; Union Financial Corp in New Mexico; Mainline Bancorp Inc, in Pennsylvania; FBHC Holding Co in Colorado; Western Illinois Bancshares Inc in Illinois; DeSoto County Bank in Mississippi; Lafayette Bancorp Inc in Mississippi; Private Bancorporation Inc in Minnesota; CBB Bancorp in Georgia; and Illinois State Bancorp Inc. in Illinois.
