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ARTICLE · 03 NOVEMBER 2008

U.S. Treasury Department´s Capital Purchase Program: Should You Go To The Dance?

Reed Smith
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On Oct. 20, Treasury, in conjunction with the four Federal Banking Agencies, i.e., Federal Reserve Board ("FRB"), Office of the Comptroller of the Currency ("OCC"), Federal Deposit Insurance Corporation ("FDIC") and Office of Thrift Supervision ("OTS"), announced application guidelines for the Program.

United StatesStrategy
Michael Bleier
Michael Bleier
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On Oct. 14, 2008 the Secretary of the Treasury announced a voluntary program within the Troubled Asset Relief Program ("TARP"), for a direct injection of capital from the U.S. Treasury Department ("Treasury") in the form of cumulative senior perpetual preferred stock into eligible banks, thrifts and their parent holding companies (hereinafter "banking organizations") (pursuant to authority under Section 101 of The Emergency Economic Stabilization Act of 2008 ("EESA")). Those banking organizations interested in participating in the Capital Purchase Program ("Program") must be established and operating in the United States, and may not be controlled by a foreign bank or company. Applications for the Program must be submitted to the primary federal banking agency supervisor before 5 p.m. on Nov. 14, 2008. (Click here to view the TARP Application Guidelines, and here for Process-Related FAQs related to the Capital Purchase Program.)

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