The Emergency Economic Stabilization Act (ESSA) of 2008 allowed the Treasury to buy $700 billion of mortgages and assets from financial institutions in the United States. With clear balance sheets, the financial institutions lent money to small businesses to secure their troubled assets and to individuals through the HOPE program to preserve homeownership. The allotments to the Treasury were discretionary with Congressional approval to prevent hardships to taxpayers and prohibit windfalls to executives.
$1.4 to $25 Billion
The following financial institutions received more than $1 billion: Citigroup ($25 billion); J. P. Morgan Chase ($25 billion); Wells Fargo ($25 billion); Bank of America ($15 billion); Goldman Sachs ($10 billion); Merrill Lynch ($10 billion); Morgan Stanley ($10 billion); PNC ($7.7 billion); Bancorp ($6.6 billion); Capital One ($3.5 billion); Regions Financial ($3.5 billion); SunTrust ($3.5 billion); Fifth Third Bancorp ($3.4 billion); BB&T ($3.1 billion); Bank of New York Mellon ($3 billion); Keycorp ($2.5 billion); Comerica ($2.2 billion); State Street ($2.5 billion); Marshall and Ilsley Corporation ($1.7 billion); Northern Trust Corporation ($1.5 billion); Huntington Bancshares ($1.4 billion); and Zions Bancorporation ($1.4 billion).
$200 to $973 Million
The following banks received more than $200 million: Synovus ($973 million); First Horizon National ($866 million); M & T Bank ($600 million); Associated Banc-Corporation ($530 million); Webster Financial Corporation ($400 million); City National ($395 million); TCF Financial Corporation ($361 million); South Financial Group ($347 million); Valley National Bancorp ($330 million); East West Bancorp ($316 million); Citizens Republic Bancorp ($300 million); Susquehanna Bancshares ($300 million); UCBH Holdings ($298 million); Cathay General Bancorp ($258 million); First Merit Corporation ($248 million); International Bancshares Corporation ($216 million); Trustmark Corporation ($215 million); Umpqua Holdings ($214 million); and Washington Federal Savings ($200 million).
$105 to $193 Million
The following banks received from $105 to $193 million: MB Financial ($193 million); First Midwest Bancorp ($193 million); Pacific Capital Bancorp ($188 million); First Niagara Financial Group ($186 million); United Community Bank ($180 million); Provident Bankshares ($151 million); Boston Private Financial Holdings ($150 million); Old National Bank ($150 million); Western Alliance Bancorporation ($140 million); CVB Financial ($130 million); Banner Corporation ($124 million); Signature Bank ($120 million); Iberiabank Corporation ($115 million); and Taylor Capital Group ($105 million).
$30 to $80 Million
The following banks received $30 to $80 million: Midwest Banc Holdings ($80 million); Sandy Spring Bancorp ($80 million); First Financial Bancorp ($80 million); Columbia Banking System ($76.9 million); Wesbanco and Southwest Bancorp ($70 million); Superior Bancorp ($69 million); Nara Bancorp ($67 million); Wilshire Bancorp ($69 million); Great Southern Bancorp ($60 million); Ameris Bancorp and Home Bancshares ($50 million); Capital Bank ($42.9 million); Southern Community Financial ($42.75 million); Heritage Commerce ($40 million); Simmons First National ($40 million); Cascade Financial ($39 million); Peoples Bancorp ($39 million); Porter Bancorp ($39 million); Eagle Bancorp ($38.2 million); Encore Bancshares ($34 million); Bancorp Rhode Island ($30 million); and Severn Bancorp ($30 million).
$25 Million or Less
The following banks received $1 to $25 million: Peapack-Gladstone Financial ($28.7 million); Intermountain Community ($27 million); Intermountain Community Bancorp ($27 million); LNB Bancorp ($25.2 million); HF Financial Corporation ($25 million); Heritage Financial Corporation ($24 million); Wainwright Bank and Trust ($22 million); Indiana Community Bancorp ($21.5 million); First Pacific Trust Bancorp ($19.3 million); HopFed Bancorp Incorporated ($18.4 million); Bank of Commerce Holdings ($17 million); First Financial Services ($16.3 million); Community West Bancshares ($15.6 million); Broadway Financial Group ($9 million); FFW Corporation ($7.3 million); Capital Pacific Bancorp ($4 million); and Saigon National Bank ($1.2 million).