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Six Banks Take TARP Funds

• Bailout Sleuth
 

Mississippi-based Guaranty Capital Corp. was approved for $14 million in assistance, for which it gave the Treasury an equal value of subordinated debentures.

Steele Street Bank Corp., based in Colorado, received the second-largest distribution at $11 million in exchange for subordinated debentures and exercised warrants.

Other banks receiving bailout funding include Virginia-based Heritage Bankshares Inc. ($10.1 million), Florida-based GulfSouth Private Bank ($7.5 million), Georgia-based Mountain Valley Bancshares ($3.3 million), and Mississippi-based Grand Financial Corp. ($2.4 million.)

This week's bailout distributions bring the amount spent on the program to $204.6 billion. With $70.6 billion of that having been repaid, the Treasury's net investment so far is $133.9 billion.

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