Six banks added their names to the list of financial institutions approved for taxpayer capital through the Treasury Department's $250 billion stock purchase program.
The total amount authorized for the six was $161 million.
Mechanics Bank, a privately held company based in Richmond, Calif., said it was approved to sell $60 million in preferred stock to the government.
Two other California banks also announced their acceptance in the Treasury's stock purchase program, part of the broader $700 billion Troubled Asset Relief Program. Heritage Oaks Bancorp, of Paso Robles, said it was approved for $21 million in taxpayer capital. The bank warned recently that it would post a loss for the fourth quarter of 2008, after taking $6 million in charges for troubled loans. First Northern Community Bancorp, of Dixon, said it was approved for $17.5 million in TARP money. First Northern's profits also have been hit hard by higher loan-loss provisions.
OceanFirst Financial Corp., of Toms River, N.J., said it was approved to sell $38.3 million in preferred stock to the Treasury Department. The company reported a profit of $3.72 million for the third quarter of 2008, up 19.1 percent from a year earlier.
Bridge Bancorp Inc., of Bridgehampton, N.Y., was approved to sell $15 million in preferred stock to the government. Carrollton Bancorp, of Baltimore, was approved for $9.2 million.
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