Insurance Companies Adopt Thrift Holding Co. Structure to Become Eligible for Treasury Capital Purchase Program and FDIC Liquidity Guarantee

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On November 14, the deadline for financial institutions to file an application for the Department of the Treasury’s Capital Purchase Program (the “CaPP”), as authorized under the Emergency Economic Stabilization Act of 2008 (EESA), four large insurance companies announced proposed acquisitions of distressed thrifts. Hartford Financial Services Group acquired Federal Trust Corporation, which had been ordered by the Office of Thrift Supervision (the “OTS”) to find a buyer by November 15 . . .

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