$40.3 Million in Bank Bailouts Heads to the South

by ProPublica    June 10, 2009

Three banks in neighboring Arkansas, Mississippi and Louisiana received a total of $40.3 million as part of Treasury’s program to help “healthy banks.” [1]  The $17.3 million for Little Rock’s OneFinancial is officially earmarked as part of Treasury’s month-old effort to expand bailout funds to small banks [2].

First Trust Corporation - $18 million

OneFinancial Corporation - $17.3 million

Covenant Financial Corporation - $5 million

The new infusion is dwarfed by the $68 billion that will soon return to Treasury’s coffers [3] after yesterday’s announcement that ten large banks were approved to repay TARP.

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