The Treasury Gets Shares In More Banks

The nationalization of the banking sector continues apace. After distributing $125 billion to major financial firms, The Treasury is set to acquire preferred shares in a number of regional banks. The scale is quite a bit smaller:

CNNMoney: 10 regional banks announced Monday that they will get a total of about $18 billion in federal funds under the bailout program aimed at resuscitating the ailing sector.Included in that group were two Ohio-based firms KeyCorp and Huntington Bancshares, both of which said they had been approved to get money as part of the the Treasury’s Capital Purchase Program. They will receive a total of $3.9 billion.

Others on the list include Capital One, Valley National, First Horization National, Regions Financial, SunTrust, Provident Bancshares, Northern Trust and City National

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.

Tagged In