Two more banks received funding under the Troubled Asset Relief Program, closing out the slowest month in bailout history.
Washington State-based Regents Bancshares Inc. took home $12.7 million in assistance. In exchange it gave the Treasury Department an equal amount of stock shares and exercised warrants.
Cardinal Bancorp II, based in Missouri, also received bailout funding. It received $6.2 million in exchange for subordinated debentures and exercised warrants.
Only four banks have received bailout assistance in October, and the two recent allocations were the first in three weeks, the longest period without one.
Overall, the Treasury Department has dispensed $204 billion in assistance to financial institutions. Of that, $70.7 billion has been returned by banks seeking to escape the program's regulatory strictures on executive pay and the distribution of dividends.
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