Press Trust of India / Washington Feb 04, 2009, 17:05 IST
The US Treasury Department has invested more than $195 billion in 359 banks across the country as part of the Capital Purchase Program aimed at boosting lending activities in the economy.
The largest investment was $25 billion while the smallest is worth about $1 million.
In a statement on Tuesday, the Treasury said it has strengthened healthy small and large, regional, and national, financial institutions, as well as Community Development Financial Institutions, through CPP investments of $195.33 billion in 359 institutions in 45 states and Puerto Rico.
CPP began in October 2008.
According to the Treasury, 42 banks have received $1.15 billion as fresh capital on January 30. These include Flagstar Bancorp ($266.66 million), Private Bancorp ($243 million), Anchor Bancorp Wisconsin ($110 million) and Rogers Bancshares ($25 million).
CPP focuses on directly injecting capital into healthy, viable banks to increase the flow of financing available to small businesses and consumers.
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