Past the 150 mark

A dozen more banks have announced their acceptance into the Treasury Department's $250 billion capital purchase program, pushing the total number getting infusions of taxpayer money past the 150 mark.

The latest group of banks would get somewhere in the neighborhood of $365 million in public investment if they sell the maximum number of shares. The list includes two Virginia banks that are in the process of merging.

Hampton Roads Bankshares Inc., based in Norfolk, and Gateway Financial Holdings Inc., of Virginia Beach, said in a joint press release that they had been approved for $80.3 million in share sales. The two banks announced their merger Sept. 24. The Treasury Department approved Hampton Roads for $22.3 million in capital, and Gateway Financial for $58 million. Hampton Roads will be the surviving company.

Dime Community Bancshares Inc., which has headquarters in Brooklyn, N.Y., said it was approved to sell $77.3 million in preferred stock to the government. WesBanco Inc., of Wheeling, W.Va., was approved for $75 million.

Financial Instutions Inc., based in Warsaw, N.Y., said it would get $37.5 million in government capital. MutualFirst Financial Inc., of Muncie, Ind., said it was selected for the program but didn't specify how much money it had requested. Based on its reported assets of $1.4 billion, the maximum it could receive would be $42 million.

Monarch Bank, of Chesapeake, Va., announced that it had been approved for $14.7 million in public investment. Central Bancorp Inc., of Somerville, Mass., will get $10 million, and Coastal Banking Co. , of Beaufort, S.C. will get $9.95 million.

Old Line Bancshares Inc., of Bowie, Md., and Fidelity Bancorp Inc., of Pittsburgh, each were approved for $7 million. FPB Bancorp, based in Port St. Lucie, Fla., said it would get $5.8 million.

The capital injections are part of the Treasury Department's broader $700 billion Troubled Asset Relief Program. The preferred shares the banks are selling carry an annual dividend yield of 5 percent for the first five years, and 9 percent thereafter.