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43 Banks Receive $1.9 Billion from Treasury in Bailout Assistance

December 30, 2008

New Source: WiredPR News.com
A reported 43 banks recently were recently given monies from the $700 billion allocated in a government rescue plan for financial institutions.

Wired PR News.com – The United States Treasury Department released information on Monday regarding recent recipients of the government bailout funds allocated to financial institutions. As reported by the Associated Press (AP), 43 banks received $1.9 billion of the $700 billion set aside in rescue assistance, making the total amount of assistance provided to financial institutions so far $162 billion. A total of 207 banks have been invested in by the Treasury to date.

As noted in the report, M&T Bank Corp, which is based in Buffalo, New York received $600 million, the largest sum of the $1.9 billion invested in one bank. Other banks that were provided financial support include the Pennsylvania based Fulton Financial Corp.

Many continue to remain skeptical as to whether banks and other financial institutions are actually spending monies received for the intended purpose of increasing lending, or on other things.

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