The Treasury Department closed the Community Development Capital Initiative last week after a final two-day flurry in which it distributed more than $312 million in funds to 38 financial institutions.

The allocations represented roughly 54 percent of the total monies dispensed during the CDCI's brief but busy lifespan.  Overall, Treasury invested more than $570 million in 84 institutions, which qualified for the program by devoting at least 60 percent of their small business lending and other economic development activities to low-income or "underserved'' communities.

The Community Development Capital Initiative was a part of the Troubled Asset Relief Program, which also ended last week.

According to Treasury's Oct. 1 Transaction Report, the final round of participants included 11 banks that originally got public aid through TARP's Capital Purchase Program but exchanged that 5 percent funding for CDCI's more favorable 2 percent funding.

Four of those bank got additional government investments totaling more than $48.9 million through the CDCI program. In total, the four now have $124.1 million of the CDCI aid, or roughly 22 percent of all monies provided through that program.

Seven other banks that originally sold stock to the government through the Capital Purchase Program transfered to the CDCI program in an even exchange of funds. The seven substituted a total of $138.8 million in aid carrying a 5 percent annual dividend rate for new assistance with a more favorable 2 percent rate.

Those seven financial institutions account for approximately 24 percent of all outstanding CDCI investments.

The last group of participants in the final wave of community-development funding was comprised of 27 newcomers to the Treasury programs.  The vast majority of them (24) were credit unions. They received amounts as disparate as $7,000, in the case of the East End Tabernacle Federal Credit Union in Bridgeport, Conn., and $9.28 million, in the case of Freedom First Federal Credit Union in Roanoke, Va..

The 27 newcomers, taken together, account for approximately $46 million in CDCI funding.

The two biggest participants in the program are BancPlus Corp. of Midland, Miss., with $80.9 million in public investment, and Community Bancshares of Mississippi Inc., in Brandon, Miss., with $54.6 million.

Both originally received taxpayer capital through the Capital Purchase Program and switched to the CDCI in the final wave of funding.

Of the 84 banks, thrifts and credit unions that got aid through the Community Development Capital Initiative, 28 had originally received TARP money through the Capital Purchase Program.

Under the terms of the latter program, banks that got taxpayer capital issued preferred stock or other securities to the Treasury. Those securities carried an initial dividend rate of 5 percent annually for the first five years, and 9 percent thereafter.

The Community Development Capital Initiative also required the issuance of stock or other securities, but the initial annual dividend rate is just 2 percent, and will remain at that level for eight years. After that, it rises to 9 percent.

Unlike the Capital Purchase Program, the CDCI was open to credit unions. Nearly 50 of those institutions were chosen to receive aid.

Here are the companies that received taxpayer aid in the final round of CDCI funding, listed in the order they appeared in the October 1 TARP Transaction Report:

 

-- Security Federal Corp. (Aiken, S.C.) -- $22,000,000

 

-- Community Bank of the Bay (Oakland, Calif.) -- $4,060,000

 

-- The First Bancshares Inc. (Hattiesburg, Miss.) -- $17,123,000

 

-- BancPlus Corp. (Ridgeland, Miss) -- $80,914,000

 

-- First M&F Corp. (Kosciusko, Miss.) -- $30,000,000

 

-- State Capital Corp. (Greenwood, Miss.) -- $15,750,000

 

-- Lafayette Bancorp Inc. (Oxford, Miss.) -- $4,551,000

 

-- PSB Financial Corp. (Many, La.) -- $9,734,000

 

-- Community Bancshares of Mississippi Inc. (Brandon, Miss.) -- $54,600,000

 

-- First Vernon Bancshares Inc. (Vernon, Ala.) -- $ 6,245,000

 

-- Security Capital Corp. (Batesville, Miss.) -- $17,910,000

 

-- The Magnolia State Corp. (Bay Springs, Miss.) -- $7,922,000

 

-- BankAsiana (Palisades Park, N.J.) -- $5,250,000

 

-- Bancorp of Okolona, Inc. (Okolona, Miss.) -- $3,297,000

 

-- Southern Chautauqua Federal Credit Union (Lakewood, N.Y.) -- $1,709,000

-- Fidelis Federal Credit Union (New York, N.Y.) -- $14,000

 

-- Bethex Federal Credit Union (Bronx, N.Y.) -- $502,000

 

-- Shreveport Federal Credit Union (Shreveport, La.) -- $2,646,000

 

-- Carter Federal Credit Union (Springhill, La.) -- $6,300,000

 

-- Workers United Federal Credit Union (New York, N.Y) -- $57,000

 

-- North Side Community Federal Credit Union (Chicago, Ill.) -- $325,000

 

-- East End Baptist Tabernacle Federal Credit Union (Bridgeport, Conn.) -- $7,000

 

-- Community Plus Federal Credit Union (Rantoul, Ill.) -- $450,000

 

-- Border Federal Credit Union (Del Rio, Texas) -- $3,260,000

 

-- Opportunities Credit Union (Burlington, Vt.) -- $1,091,000

 

-- First Legacy Community Credit Union (Charlotte, N.C.) -- $1,000,000

 

-- Union Settlement Federal Credit Union (New York, N.Y.)-- $295,000

 

-- Southside Credit Union (San Antonio, Texas) -- $1,100,000

 

-- D.C. Federal Credit Union (Washington, D.C.) -- $1,522,000

 

-- Faith Based Federal Credit Union (Oceanside, Calif.) -- $30,000

 

-- Greater Kinston Credit Union (Kinston, N.C.) -- $350,000

 

-- Hill District Federal Credit Union (Pittsburgh, Pa.) -- $100,000

 

-- Freedom First Federal Credit Union (Roanoke, Va.) -- $9,278,000

 

-- Episcopal Community Federal Credit Union (Los Angeles) -- $100,000

 

-- Vigo County Federal Credit Union (Terre Haute, Ind.) -- $1,229,000

 

-- Renaissance Community Development Credit Union (Somerset, N.J.) -- $31,000

 

-- Independent Employers Group Federal Credit Union (Hilo, Hawaii) -- $698,000

 

-- Brooklyn Cooperative Federal Credit Union (Brooklyn, N.Y. ) -- $300,000