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On October 31, the Treasury Department issued additional documents for publicly traded financial institutions applying for the capital purchase program authorized by the Emergency Economic Stabilization Act. The list of Treasury documents now includes:
The Independent Community Bankers of America wrote Treasury Secretary Henry Paulson that it appreciates his attention to “the many specific community banking concerns we have raised, especially concerning the important details regarding access to … TARP and CPP for non-publicly held banks.”
ICBA said all of the nation’s financial institutions, “including community banks large and small, public and private, S corporation banks, and mutuals,” should be allowed to participate to the fullest extent in the TARP. ICBA said it appreciated the opportunity to directly spell out the unique corporate structure and attributes of the nation’s “6,600 private banks (which includes thinly-traded private banks, 2,505 Subchapter S banks, and mutual institutions)…”
The group says it is confident that Treasury’s new terms for the CPP program “will be available soon for private banks and that an appropriate extension of the application deadline, as we requested, will afford interested banks sufficient time to evaluate the terms and complete steps to apply and qualify for CPP funds.” A survey indicated that 20 percent of community banks want to access CPP capital and another 30 percent want to review the detailed terms for access.
Treasury also said it would post an application form and term sheet for privately held eligible institutions at a later date and establish a reasonable deadline for private institutions to apply.
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