Four more banks have received, or been approved for, taxpayer capital through the Treasury Department's $700 billion Troubled Asset Relief Program.
Northern States Financial Corp., of Waukegan, Ill., said it sold $17.2 million in preferred stock to the government. The parent company of NorStates Bank reported a $1.73 million loss for the first nine months of 2008, compared to a profit of $3.16 million in the same period of 2007. The company added $5.1 million in loan-loss provisions in the third quarter, and took a $2.2 million writedown on its investment securities.
Mid-Wisconsin Financial Inc., of Medford, Wis., said it received $10 million in TARP funds. The company reported earnings of $1.24 million for 2008, up 10.7 percent from 2007. Mid-Wisconsin provides retail and commercial banking services in eight central Wisconsin counties.
Sonoma Valley Bancorp, of Sonoma, Calif., said it got $8.65 million in TARP funds after its shareholders voted to amend the company's articles of incorporation to allow the issuance of preferred stock. Sonoma Valley reported a profit of $3.3 million last year, down 23.7 percent from 2007.
First BancTrust Corp., of Paris, Ill., said it was approved for $7.35 million in taxpayer capital through TARP. It had earnings of $863,000 for the first nine months of 2008, off 1.7 percent from the same period a year earlier.
Both Sonoma Valley and First BancTrust appointed new chief executive officers just before receiving the TARP money.
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