On November 17, 2008, Treasury released a standard form term sheet detailing the terms and conditions of the preferred stock and warrant offerings under the Troubled Assets Relief Program (TARP) Capital Purchase Program (CaPP) for private institutions. The Emergency Economic Stabilization Act of 2008 (Act), enacted on October 3, 2008, authorized the Secretary of the Treasury (Treasury) to establish the TARP. On October 14, 2008, Treasury announced CaPP through which Treasury intends to make capital investments in private and public banking institutions. Treasury also announced agreements with 30 financial institutions to purchase almost $60 billion of preferred stock of institutions under the CaPP. The investments by Treasury in public institutions have been designed as a purchase of preferred stock and warrants to purchase common stock.

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