Total the second round banks injection is $35 bln (Update 2)

According to Bloomberg, at least 19 regional U.S. banks, including SunTrust Banks Inc (STI) and Capital One Financial Corp (COF), accepted $35 billion in government cash as the Treasury rolled out the second half of its $250 billion package to shore up lenders and thaw frozen credit markets.

Treasury Secretary Henry Paulson is doling out cash to recapitalize struggling lenders and jump-start takeovers in an industry suffering from the worst housing crisis since the Great Depression. SunTrust, Capital One, KeyCorp and PNC Financial Services Group Inc. are among regional lenders that have taken cash so far by selling preferred shares to the government.

The latest U.S. banks to benefit from the government's Troubled Asset Relief Program, or TARP, spanned the nation, ranging from City National Corp., in Beverly Hills, California, to First Niagara Financial Group Inc., based in upstate New York near Niagara Falls. The banks may be joined by life insurance companies, some of which are now in talks with the government about potential Treasury investments, said Jack Dolan, spokesman for the American Council of Life Insurers in Washington.

Dolan declined to say which companies are involved in the talks. Spokesmen for MetLife Inc. the biggest U.S. life insurer, and No. 2 Prudential Financial Inc. declined to comment today. Most U.S. property and casualty insurers won't participate, according to a statement today from Evan Greenberg, chief executive officer of Ace Ltd. and chairman of the American Insurance Association.

Other financial firms participating in the program included State Street Corp., the world's largest money manager for institutions, which is selling a $2 billion stake. Northern Trust Corp., a custody bank that oversees $3.53 trillion, plans to sell the government a $1.5 billion stake.

Following are banks that have announced participation in the Treasury program:

FIRST ROUND :

Citigroup           $25 billion
Wells Fargo         $25 billion
JPMorgan Chase      $25 billion
Bank of America     $15 billion
Merrill Lynch       $10 billion
Goldman Sachs       $10 billion
Morgan Stanley      $10 billion
Bank of New York    $3.0 billion
State Street        $2.0 billion

TOTAL               $125 billion

SECOND ROUND :

PNC                 $7.7 billion
Capital One         $3.6 billion
SunTrust            $3.5 billion
Regions Financial   $3.5 billion
Fifth Third         $3.4 billion
BB&T                $3.1 billion
KeyCorp             $2.5 billion
Comerica            $2.25 billion
Northern Trust      $1.5 billion
Huntington          $1.4 billion
First Horizon       $866 million
City National       $395 million
Valley National     $330 million
Washington Federal  $230 million
UCBH Holdings       $298 million
First Niagara       $186 million
Old National        $150 million*
HF Financial        $25 million
Redding Bank        $17 million
Provident            --**

TOTAL               $34.93 billion (35.18)

Related Posts :

1. This is de-leveraging. This is a forced liquidation
2. US Gov injects $9.5 bln into 3 regional banks
3. The Treasury to announce the second round banks injection as soon as today

Sources :

Bloomberg: Capital One, Key Among 19 Banks Getting $35 Billion (Update5), October 27, 2008 17:51 EDT

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