Bank Capital Infusions

I have mentioned in previous posts that there was no guarantee that banks would use the proceeds from the U.S. Treasury for extending new loans. Well, last week PNC announced that they would acquire National City with the new funds. Summaries below:

JP Morgan Chase	$25,000,000,000
Citigroup, Inc.	$25,000,000,000
Wells Fargo, Inc	$25,000,000,000
Bank of America	$15,000,000,000
Morgan Stanley	$10,000,000,000
Goldman Sachs	$10,000,000,000
Merrill Lynch	$10,000,000,000
PNC Financial	$7,700,000,000
Capital One Financial	$3,600,000,000
SunTrust	$3,500,000,000
Regions Financial	$3,500,000,000
Bank of NY Mellon	$3,000,000,000
KeyCorp	$2,500,000,000
Huntington Bancshares	$2,400,000,000
State Street Corp.	$2,000,000,000
Northern Trust Corp.	$1,500,000,000
First Horizon Nat'l	$866,000,000
City National Corp.	$395,000,000
Valley National	$330,000,000
Washington Federal	$200,000,000
Provident Bankshares	undisclosed
Total	$151,491,000,000

In exchange for the cash, the banks will deliver preferred stock and warrants to the Treasury. The funds are part of the $700 billion that was authorized by the Emergency Economic Stabilization Act. The Treasury decided to allocate $250 billion to such infusions. The above list may not be complete because the banks have the discretion to announce the infusions or not.