Treasury completes more TARP deals

The Treasury Department said it completed investments in six more banks last week, using just under $41 million from the $700 billion Troubled Asset Relief Program.

The number of deals has been declining in recent weeks, as has the dollar amount invested.

Bank of the Carolinas Corp., based in Mocksville, N.C., got the biggest chunk of taxpayer capital in the latest round. It sold $13.2 million in preferred stock to the government.

Bank of the Carolinas lost $2.19 million last year, compared with a profit of $1.96 million in 2007. It added $4.78 million to its loan-loss reserves, more than eight times the amount it set aside in 2007.

The other five banks that got TARP money are privately held.

Penn Liberty Financial Corp., of Wayne, Pa., sold $9.96 million in stock to the government, while BNB Financial Services Corp., of New York, sold $7.5 million worth.

Tifton Banking Co., based in Tifton, Ga., received $3.8 million in TARP money.  Patterson Bancshares Inc., of Patterson, La., got $3.69 million, while Omega Capital Corp., of Lakewood, Colo., got $2.82 million. Omega is the parent company of Front Range Bank, which serves four communities in the Denver suburbs.