Six more banks -- four of them in California -- have announced their approval for the Treasury Department's $700 billion Troubled Asset Relief Program. The total amount of taxpayer capital allocated to the companies was $71.7 million.
Middleburg Financial Corp., of Middleburg, Va., said it sold $22 million in preferred stock to the Treasury Department. It announced last week that it turned a $491,000 profit for the fourth quarter, compared to a $2.8 million loss a year earlier. The bank also was profitable for all of 2008, though earnings fell 15 percent.
Plumas Bancorp, of Quincy, Cal., said it received $11.9 million in TARP funds. The bank, in a mountain community in northeastern California, posted a $1.4 million loss in the fourth quarter because of higher loan-loss provisions. It had net income of $306,000 for the year, down 92 percent from 2007.
"Our company benefits from this investment as it allow us to enhance our existing plans to meet the financial needs of our clients by increasing our lending capacity, support local economic expansion and pursue Plumas Bank's opportunities for continued growth, all of which are in the long-term interest of the company and its shareholders,'' President Douglas N. Biddle said in a prepared statement.
Stewardship Financial Corp., based in Midland Park, N.J. was approved for $10 million in taxpayer capital. Valley Commerce Bancorp, of Visalia, Calif., got $7.7 million.
Peninsula Bank Holding Co., of Palo Alto, Calif., said its subsidiary, the Private Bank of the Peninsula, received $6 million in TARP funds. Premier Service Bank, of Riverside, Calif., was approved for $4 million.
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