So You Have Applied to Treasury under the Capital Purchase Program...Now What Do You Have to Do?

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The 5:00 EDT November 14 deadline has now passed for applications under the Treasury Capital Purchase Program (CPP) by publicly traded banks and bank holding companies to receive up to 3% of risk-weighted assets in new Tier 1 capital by issuing nonvoting preferred stock and warrants to the Treasury. A separate Term Sheet and an extended application deadline for private banks1 is expected to be posted on the Treasury website soon.

Please see full newsletter for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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