UNITED STATES DEPARTMENT OF THE TREASURY 

SECTION 105(a) TROUBLED ASSET RELIEF PROGRAM 

REPORT TO CONGRESS 

FOR THE PERIOD 

DECEMBER 1, 2008 TO DECEMBER 31, 2008 

I. OVERVIEW 

The current financial crisis is one of the most serious and challenging in recent history. In 

response, Treasury has acted quickly and creatively to implement several programs under the 

Troubled Asset Relief Program (TARP) with the following three critical objectives: one, to 

stabilize financial markets and reduce systemic risk; two, to support the housing market by 

avoiding preventable foreclosures and supporting mortgage finance; and three, to protect 

taxpayers. While there is no single action the Federal Government can take to end the financial 

market turmoil and the economic downturn, Treasury has focused on developing the most 

effective combination of tools to further stabilize the financial system and speed the process of 

economic recovery. 

During this reporting period, Treasury continued to make significant investments in United 

States financial institutions through the Capital Purchase Program (CPP). These investments 

have improved the capitalization of these institutions, which is essential to improving the flow of 

credit to businesses and consumers and boosting the confidence of depositors, investors, and 

counterparties alike. With higher capital levels and restored confidence, banks can continue to 

play their vital role as lenders in our communities, a necessary requisite for economic recovery 

and a return to prosperity. As of December 31, 2008, Treasury has invested $177.5 billion in 

United States financial institutions through the CPP, providing support to small and large 

financial institutions, as well as Community Development Financial Institutions, in over 40 states 

and Puerto Rico. Treasury has committed an additional $10 billion with a deferred settlement 

date. 

In December, Treasury also moved swiftly and thoughtfully to support auto makers and auto 

financing companies through the newly established Automotive Industry Financing Program 

(AIFP). On December 29, Treasury agreed to loan up to $1 billion to General Motors (GM) to 

assist the company in supporting the reorganization as a bank holding company of GMAC LLC 

(GMAC), a financing company that supports GM. Treasury also invested $5 billion directly in 

GMAC pursuant to its reorganization as a bank holding company. On December 31, 2008, 

Treasury loaned an additional $4 billion to GM and committed to an additional loan of $5.4 

billion in January 2009, with an additional loan of $4 billion possible in February. Under each of 

these arrangements, the company has agreed to rigorous restrictions on executive privileges and 

compensation and other terms designed to protect the taxpayer. These steps will facilitate the 

restructuring of the domestic auto industry and prevent disorderly bankruptcies during a time of 

economic difficulty. 

Treasury also made a significant investment in Citigroup on December 31, 2008, purchasing $20 

billion in preferred stock and warrants. Treasury announced its plans to make this investment in 
2

November 2008. The investment is part of a new Targeted Investment Program (TIP), which is 

designed to preserve confidence in financial institutions and foster financial market stability, 

thereby strengthening the economy, protecting American jobs, savings, and retirement security. 

Treasury will consider financial institutions for participation in the TIP on a case-by-case basis, 

based on criteria in the TIP program guidelines. 

In addition to making these investments, Treasury transmitted a report to Congress on an 

insurance program, known as the Asset Guarantee Program, as required by section 102 of the 

Emergency Economic Stabilization Act of 2008 (EESA). This program provides guarantees for 

assets held by systemically significant financial institutions that face a high risk of losing market 

confidence due in large part to a portfolio of distressed or illiquid assets. This program will be 

applied with extreme discretion in order to improve market confidence in the systemically 

significant institution and in financial markets broadly. Treasury does not anticipate making the 

program widely available. 

At the same time that TARP programs are being designed and executed, Treasury is continuing 

to build the Office of Financial Stability, focusing on hiring a highly-qualified staff, 

implementing a comprehensive process for monitoring contractors, and establishing a strong 

compliance program. Treasury also has robust controls in place to ensure that the use of TARP 

funds under section 115 of the EESA does not exceed the current limit of $350 billion. Treasury 

has made significant progress since the TARP was launched in October, and many challenges lie 

ahead. We will continue to remain vigilant, ready to respond and to manage unpredictable 

events as they occur, with economic recovery as the first priority. 

II. REPORTING REQUIREMENTS 

This is Treasury’s second Section 105(a) Troubled Asset Relief Program Report to Congress 

(TARP Report) required by EESA. Treasury transmitted its first TARP Report to Congress on 

December 5, 2008, covering activities through November 30, 2008. This TARP Report covers 

the next 30-day period, as well as activities occurring on December 31, 2008, and addresses the 

following three areas required by EESA section 105(a): 

• An overview of actions taken by the Secretary, including the considerations required by 

section 103 and the efforts under section 109. 

• The actual obligation and expenditure of the funds provided for administrative expenses 

by section 118. 

• A detailed financial statement with respect to the exercise of authority, including: 

1. all agreements made or renewed; 

2. all insurance contracts entered into pursuant to section 102; 

3. all transactions occurring during the initial 60-day period, including the types of 

parties involved; 

4. the nature of the assets purchased; 

5. all projected costs and liabilities; 

6. operating expenses, including compensation for financial agents; 

7. the valuation or pricing method used for each transaction; and 

8. a description of the vehicles established to exercise such authority. 
3

III. INDIVIDUAL PROGRAMS AND INITIATIVES 

The Capital Purchase Program

Under the voluntary Capital Purchase Program (CPP), the Treasury is purchasing senior 

preferred shares from qualified financial institutions. In accordance with the considerations of 

the EESA, a broad spectrum of institutions is eligible for the program: U.S. controlled banks, 

savings associations, and certain bank and savings and loan holding companies. To protect the 

interests of the taxpayer, only viable institutions are accepted into the program. A 

recommendation on acceptance is received from the institution’s primary federal regulator or, in 

some cases, from a council of representatives from each federal regulator. The Treasury is 

responsible for final approval. 

The minimum subscription amount is 1 percent of the institution’s risk-weighted assets; the 

maximum subscription amount is 3 percent of risk-weighted assets (up to a maximum of $25 

billion). Standardized terms have been developed for institutions that are organized as publicly 

traded and privately held institutions; terms applicable to S corporations and mutual 

organizations are still under consideration. The standardized terms impose restrictions on 

executive compensation and corporate governance and include provisions (such as the issuance 

of warrants) that will enable the taxpayer to benefit from the future appreciation of the firm. 

Between December 1, 2008 and December 31, 2008, Treasury purchased $26.1 billion in senior 

preferred shares from 162 financial institutions under the CPP. Since the launch of the CPP in 

October 2008 through December 31, 2008, Treasury has invested a total of $177.5 billion in 

senior preferred shares in 214 financial institutions in over 40 states and Puerto Rico, and 

committed to purchase another $10 billion from an additional institution with a deferred 

settlement date. 

Complete details about the Capital Purchase Program are available on the Treasury 

website at: http://www.treas.gov/initiatives/eesa/. 

The Automotive Industry Financing Program

The objective of the Automotive Industry Financing Program (AIFP) is to prevent a significant 

disruption of the American automotive industry, which would pose a systemic risk to financial 

market stability and have a negative effect on the economy of the United States. The program 

requires participating institutions to implement plans that will achieve long-term viability. 

Participating institutions must also adhere to rigorous executive compensation standards and 

other measures to protect the taxpayer’s interests, including limits on the institution’s 

expenditures and other corporate governance requirements. Guidelines for the AIFP are 

published on Treasury’s website. 

On December 19, 2008, Treasury announced a plan to make emergency loans available from the 

TARP to General Motors Corporation (GM) and Chrysler LLC (Chrysler) to assist the domestic 

auto industry in becoming financially viable. This step was taken to stave off a disorderly 

bankruptcy of one or more auto companies and prevent significant disruption to the already 

fragile economy. Treasury will carry out these transactions under the newly established AIFP. 
4

Treasury closed on its agreement with GM on December 31, 2008, and its agreement with 

Chrysler on January 2. Under the GM agreement, Treasury will provide GM with up to a total of 

$13.4 billion in short-term financing from the TARP. Treasury funded $4 billion of this loan 

immediately, and committed to fund an additional $5.4 billon on January 16, 2009. Treasury 

will provide an additional $4 billion on February 17, 2009, subject to GM meeting certain 

conditions and funds being available to Treasury to purchase troubled assets under section 115(a) 

of the EESA. To protect taxpayers, the agreement requires GM to use these funds to become 

financially viable and includes other binding terms. The Chrysler agreement is outside the 

reporting period and will be discussed in the next report under section 105(a) of EESA. 

On December 29, 2008, Treasury also purchased $5 billion of senior preferred equity with an 8% 

annual distribution right from GMAC LLC (GMAC) through the AIFP. Under the agreement, 

GMAC issued warrants to Treasury in the form of additional preferred equity in an amount equal 

to 5% of the preferred stock purchase; these warrants were exercised at closing of the investment 

transaction for additional preferred equity with a 9% annual distribution right. Additionally, 

Treasury agreed to lend up to $1 billion of TARP funds to GM so that GM can participate in a 

rights offering by GMAC in support of GMAC’s reorganization as a bank holding company. 

The loan will be secured by collateral including certain GMAC equity interests owned by GM 

and those being acquired by GM in the rights offering, and it will be exchangeable at any time, at 

Treasury's option, for the GMAC equity interests being acquired by GM in the rights offering.

The ultimate level of funding under this facility will depend upon the level of current investor 

participation in GMAC’s rights offering. Under these agreements, both GMAC and GM must 

comply with enhanced restrictions on executive compensation. 

The Targeted Investment Program

The Targeted Investment Program (TIP) is designed to prevent a loss of confidence in financial 

institutions that could result in significant market disruptions, threatening the financial strength 

of similarly situated financial institutions, impairing broader financial markets, and undermining 

the overall economy. Institutions will be considered for this program on a case-by-case basis, 

based on a number of factors described in the program guidelines. These factors include the 

threats posed by destabilization of the institution, the risks caused by a loss of confidence in the 

institution, and the institution’s importance to the nation’s economy. Program guidelines for the 

TIP were published on Treasury’s web site on January 2, as required by section 101(d) of the 

EESA. 

Treasury completed the first transaction under the TIP on December 31, 2008, when it invested 

$20 billion in Citigroup perpetual preferred stock and warrants. Under the agreement with 

Citigroup, Treasury will receive an 8% annual dividend, payable quarterly. As part of this 

agreement, Citigroup must implement rigorous executive compensation standards and other 

restrictions on corporate expenditures. The transaction represents Treasury’s second investment 

in Citigroup; in October 2008, Treasury also invested $25 billion in the company through the 

CPP. 
5

The Asset Guarantee Program

On December 31, 2008, Treasury transmitted to Congress a report that describes the Asset 

Guarantee Program (AGP) established under section 102 of the EESA. This program provides 

guarantees for assets held by systemically significant financial institutions that face a risk of 

losing market confidence due in large part to a portfolio of distressed or illiquid assets. The AGP 

will be applied with extreme discretion in order to improve market confidence in the 

systemically significant institution and in financial markets broadly. Treasury does not 

anticipate that the program will be made widely available, and notes that the EESA requires that 

premiums under section 102 be set to ensure that taxpayers are fully protected 

Treasury is exploring use of the AGP to address the guarantee provisions of the non-binding 

agreement with Citigroup Inc. announced on November 23, 2008, and described in Treasury’s 

105(a) Report to Congress dated December 5, 2008. 

The insurance program report to Congress is available on Treasury’s website. 

Other Initiatives:

Term Asset-Backed Securities Loan Facility

The Treasury will provide $20 billion from the TARP to support the Federal Reserve’s $200 

billion Term Asset-Backed Securities Loan Facility (TALF). This facility will help market 

participants meet the credit needs of households and small businesses by supporting the issuance 

of asset-backed securities (ABS) collateralized by student loans, auto loans, credit card loans, 

and loans guaranteed by the Small Business Administration. The TALF is expected to begin 

operation early in 2009. 

Credit market stresses led to a steep decline in the issuance of ABS for these types of loans in the 

third quarter of 2008, and the market essentially came to a halt in October. At the same time, 

higher risk premiums drove interest rate spreads on AAA-rated tranches of ABS to levels well 

outside the range of historical experience. The purpose of the TALF is to increase credit 

availability by stimulating the issuance of consumer and small business ABS at more normal 

interest rate spreads. 

On December 19, 2008, the Federal Reserve released revised terms and conditions and questions 

and answers detailing operational aspects of the TALF. Under the revised terms and conditions, 

the Federal Reserve will lend on a non-recourse basis to holders of certain AAA-rated ABS fully 

secured by newly and recently originated consumer and small business loans. TALF loans will 

have a term of three years and will be fully secured by eligible collateral. Haircuts (a percentage 

reduction used for collateral valuation) will be determined based on the riskiness of each type of 

eligible collateral and the maturity of the eligible collateral pledged to the Federal Reserve. The 

haircuts will provide additional protection to taxpayers by protecting the Federal Government 

from loss. Treasury will provide $20 billion of credit protection to the Federal Reserve in 

connection with the TALF. The sponsor of the eligible ABS must agree to comply with the same 

executive compensation restrictions required for participants in the CPP.
6

IV. TARP ADMINISTRATIVE EXPENSES 

Budget

Object Class Budget Object Class Title Obligations Expenditures

Projected

Obligations

Projected

Expenditures

PERSONNEL SERVICES 1100 & 1200 PERSONNEL COMPENSATION & BENEFITS $713,928 $713,928 $1,193,000 $1,193,000

PERSONNEL SERVICES Total: $713,928 $713,928 $1,193,000 $1,193,000

2100 TRAVEL & TRANSPORTATION OF PERSONS 12,993 6,725 17,000 12,000 

2200 TRANSPORTATION OF THINGS

2300 RENTS, COMMUNICATIONS, UTILITIES & MISC CHARGES 87,642 87,642 738,000 153,000 

2400 PRINTING & REPRODUCTION 7,227 7,227 8,000 8,000 

2500 OTHER SERVICES 4,730,497 3,040,209 24,417,000 4,980,000 

2600 SUPPLIES AND MATERIALS 4,964 4,784 130,000 130,000 

3100 EQUIPMENT 20,844 20,844 50,000 50,000 

NON-PERSONNEL SERVICES Total: $4,864,167 $3,167,431 $25,360,000 $5,333,000

GRAND TOTAL: $5,578,095 $3,881,359 $26,553,000 $6,526,000

 detailee salaries from BOC 2500 to 1100 & 1200 and BOC 2500 programmatic operating obligations that were shown as BOC 2500 administrative obligations.

January 31, 2009

 The December 31, 2008 period ending obligation amount is smaller than the November 30, 2008 period ending amount due to a recategorization of 

Notes: The statutorily required reporting date results in OFS estimating amounts prior to the Department of Treasury's accounting records closing on January 6, 2008. 

December 31, 2008

NON-PERSONNEL 

SERVICES

For Period Ending For Period Ending

United States Department of Treasury

Office of Financial Stability

Report of Administrative Obligations and Expenditures
7

V. DETAILED FINANCIAL STATEMENTS 

U.S. Treasury Department

Office of Financial Stability

Troubled Asset Relief Program

Agreements Under TARP [Section 105(a)(3)(A)]

For Period Ending December 31, 2008

Date

Approved Type of 

or Renewed Transaction Vendor Purpose

10/10/2008 BPA Simpson, Thacher & Bartlett Legal Services

10/11/2008 BPA EnnisKnupp Investment and Advisory Services

10/14/2008 Financial Agent Bank of New York Mellon Custodian and Cash Mangement

10/16/2008 BPA PricewaterhouseCoopers Internal Control Services

10/18/2008 BPA Ernst & Young Accounting Services

10/23/2008 IAA GSA - Turner Consulting Archiving Services

10/29/2008 BPA Hughes Hubbard & Reed Legal Services

10/29/2008 BPA Squire Sanders & Dempsey Legal Services

10/31/2008 Contract Lindholm & Associates* Human Resources Services

11/7/2008 BPA Thacher Proffitt & Wood Legal Services

11/14/2008 IAA Securities and Exchange Commission Detailees

12/3/2008 IAA Trade and Tax Bureau - Treasury IT Services

12/5/2008 Procurement Washington Post Vacancy Announcement

12/5/2008 IAA Department of Housing and Urban Development Detailees

12/10/2008 BPA Thacher Proffitt & Wood Legal Services

12/18/2008 BPA Kirkland and Elllis, LLP Legal Services

* Small or Women-, or Minority-Owned Small Business

Office of Financial Stability

Troubled Asset Relief Program

Description of Vehicles Established [Section 105(a)(3((F)]

For Period Ending December 31, 2008

Date Vehicle Description

None
8

VI. TRANSACTIONS REPORT – CAPITAL PURCHASE PROGRAM 

U.S. Treasury Department

Office of Financial Stability

Troubled Asset Relief Program

Transactions Report 

For Period Ending December 31, 2008

CAPITAL PURCHASE PROGRAM

Seller

Date Name of Institution City State Transaction Type Description Price Paid

Pricing

Mechanism

10/28/2008 Bank of America Corporation Charlotte NC Purchase Preferred Stock w/Warrants $15,000,000,000 Par

10/28/2008 Bank of New York Mellon Corporation New York NY Purchase Preferred Stock w/Warrants $3,000,000,000 Par

10/28/2008 Citigroup Inc. New York NY Purchase Preferred Stock w/Warrants $25,000,000,000 Par

10/28/2008 The Goldman Sachs Group, Inc. New York NY Purchase Preferred Stock w/Warrants $10,000,000,000 Par

10/28/2008 JPMorgan Chase & Co. New York NY Purchase Preferred Stock w/Warrants $25,000,000,000 Par

10/28/2008 Morgan Stanley New York NY Purchase Preferred Stock w/Warrants $10,000,000,000 Par

10/28/2008 State Street Corporation Boston MA Purchase Preferred Stock w/Warrants $2,000,000,000 Par

10/28/2008 Wells Fargo & Company San Francisco CA Purchase Preferred Stock w/Warrants $25,000,000,000 Par

1/       10/28/2008 Merrill Lynch & Co., Inc. New York NY Purchase Preferred Stock w/Warrants $10,000,000,000 Par

11/14/2008 Bank of Commerce Holdings Redding CA Purchase Preferred Stock w/Warrants $17,000,000 Par

11/14/2008 1st FS Corporation Hendersonville NC Purchase Preferred Stock w/Warrants $16,369,000 Par

11/14/2008 UCBH Holdings, Inc. San Francisco CA Purchase Preferred Stock w/Warrants $298,737,000 Par

11/14/2008 Northern Trust Corporation Chicago IL Purchase Preferred Stock w/Warrants $1,576,000,000 Par

11/14/2008 SunTrust Banks, Inc. Atlanta GA Purchase Preferred Stock w/Warrants $3,500,000,000 Par

11/14/2008 Broadway Financial Corporation Los Angeles CA Purchase Preferred Stock w/Warrants $9,000,000 Par

11/14/2008 Washington Federal Inc. Seattle WA Purchase Preferred Stock w/Warrants $200,000,000 Par

11/14/2008 BB&T Corp. Winston‐Salem NC Purchase Preferred Stock w/Warrants $3,133,640,000 Par

11/14/2008 Provident Bancshares Corp. Baltimore MD Purchase Preferred Stock w/Warrants $151,500,000 Par

11/14/2008 Umpqua Holdings Corp. Portland OR Purchase Preferred Stock w/Warrants $214,181,000 Par

11/14/2008 Comerica Inc. Dallas TX Purchase Preferred Stock w/Warrants $2,250,000,000 Par

11/14/2008 Regions Financial Corp. Birmingham AL Purchase Preferred Stock w/Warrants $3,500,000,000 Par

11/14/2008 Capital One Financial Corporation McLean VA Purchase Preferred Stock w/Warrants $3,555,199,000 Par

11/14/2008 First Horizon National Corporation Memphis TN Purchase Preferred Stock w/Warrants $866,540,000 Par

11/14/2008 Huntington Bancshares Columbus OH Purchase Preferred Stock w/Warrants $1,398,071,000 Par

11/14/2008 KeyCorp Cleveland OH Purchase Preferred Stock w/Warrants $2,500,000,000 Par

11/14/2008 Valley National Bancorp Wayne NJ Purchase Preferred Stock w/Warrants $300,000,000 Par

11/14/2008 Zions Bancorporation Salt Lake City UT Purchase Preferred Stock w/Warrants $1,400,000,000 Par

11/14/2008 Marshall & Ilsley Corporation Milwaukee WI Purchase Preferred Stock w/Warrants $1,715,000,000 Par

11/14/2008 U.S. Bancorp Minneapolis MN Purchase Preferred Stock w/Warrants $6,599,000,000 Par

11/14/2008 TCF Financial Corporation Wayzata MN Purchase Preferred Stock w/Warrants $361,172,000 Par

11/21/2008 First Niagara Financial Group Lockport NY Purchase Preferred Stock w/Warrants $184,011,000 Par

11/21/2008 HF Financial Corp. Sioux Falls SD Purchase Preferred Stock w/Warrants $25,000,000 Par

11/21/2008 Centerstate Banks of Florida Inc. Davenport FL Purchase Preferred Stock w/Warrants $27,875,000 Par

11/21/2008 City National Corporation Beverly Hills CA Purchase Preferred Stock w/Warrants $400,000,000 Par

11/21/2008 First Community Bankshares Inc. Bluefield VA Purchase Preferred Stock w/Warrants $41,500,000 Par

11/21/2008 Western Alliance Bancorporation Las Vegas NV Purchase Preferred Stock w/Warrants $140,000,000 Par

11/21/2008 Webster Financial Corporation Waterbury CT Purchase Preferred Stock w/Warrants $400,000,000 Par

11/21/2008 Pacific Capital Bancorp Santa Barbara CA Purchase Preferred Stock w/Warrants $180,634,000 Par

11/21/2008 Heritage Commerce Corp. San Jose CA Purchase Preferred Stock w/Warrants $40,000,000 Par

11/21/2008 Ameris Bancorp Moultrie GA Purchase Preferred Stock w/Warrants $52,000,000 Par

11/21/2008 Porter Bancorp Inc. Louisville KY Purchase Preferred Stock w/Warrants $35,000,000 Par

11/21/2008 Banner Corporation Walla Walla WA Purchase Preferred Stock w/Warrants $124,000,000 Par

11/21/2008 Cascade Financial Corporation Everett WA Purchase Preferred Stock w/Warrants $38,970,000 Par

11/21/2008 Columbia Banking System, Inc. Tacoma WA Purchase Preferred Stock w/Warrants $76,898,000 Par

11/21/2008 Heritage Financial Corporation Olympia WA Purchase Preferred Stock w/Warrants $24,000,000 Par

11/21/2008 First PacTrust Bancorp, Inc. Chula Vista CA Purchase Preferred Stock w/Warrants $19,300,000 Par

11/21/2008 Severn Bancorp, Inc. Annapolis MD Purchase Preferred Stock w/Warrants $23,393,000 Par

11/21/2008 Boston Private Financial Holdings, Inc. Boston MA Purchase Preferred Stock w/Warrants $154,000,000 Par

11/21/2008 Associated Banc‐Corp Green Bay WI Purchase Preferred Stock w/Warrants $525,000,000 Par

11/21/2008 Trustmark Corporation Jackson MS Purchase Preferred Stock w/Warrants $215,000,000 Par

11/21/2008 First Community Corporation Lexington SC Purchase Preferred Stock w/Warrants $11,350,000 Par

11/21/2008 Taylor Capital Group Rosemont IL Purchase Preferred Stock w/Warrants $104,823,000 Par

11/21/2008 Nara Bancorp, Inc. Los Angeles CA Purchase Preferred Stock w/Warrants $67,000,000 Par

12/5/2008 Midwest Banc Holdings, Inc. Melrose Park IL Purchase Preferred Stock w/Warrants $84,784,000 Par

12/5/2008 MB Financial Inc. Chicago IL Purchase Preferred Stock w/Warrants $196,000,000 Par

12/5/2008 First Midwest Bancorp, Inc. Itasca IL Purchase Preferred Stock w/Warrants $193,000,000 Par

12/5/2008 United Community Banks, Inc. Blairsville GA Purchase Preferred Stock w/Warrants $180,000,000 Par

12/5/2008 Wesbanco Bank Inc. Wheeling WV Purchase Preferred Stock w/Warrants $75,000,000 Par

12/5/2008 Encore Bancshares Inc. Houston TX Purchase Preferred Stock w/Warrants $34,000,000 Par

12/5/2008 Manhattan Bancorp El Segundo CA Purchase Preferred Stock w/Warrants $1,700,000 Par

12/5/2008 Iberiabank Corporation Lafayette LA Purchase Preferred Stock w/Warrants $90,000,000 Par

12/5/2008 Eagle Bancorp, Inc. Bethesda MD Purchase Preferred Stock w/Warrants $38,235,000 Par

12/5/2008 Sandy Spring Bancorp, Inc. Olney MD Purchase Preferred Stock w/Warrants $83,094,000 Par

12/5/2008 Coastal Banking Company, Inc. Fernandina Beach FL Purchase Preferred Stock w/Warrants $9,950,000 Par

12/5/2008 East West Bancorp Pasadena CA Purchase Preferred Stock w/Warrants $306,546,000 Par

12/5/2008 South Financial Group, Inc. Greenville SC Purchase Preferred Stock w/Warrants $347,000,000 Par

12/5/2008 Great Southern Bancorp Springfield MO Purchase Preferred Stock w/Warrants $58,000,000 Par
9

12/5/2008 Cathay General Bancorp Los Angeles CA Purchase Preferred Stock w/Warrants $258,000,000 Par

12/5/2008 Southern Community Financial Corp. Winston‐Salem NC Purchase Preferred Stock w/Warrants $42,750,000 Par

12/5/2008 CVB Financial Corp Ontario CA Purchase Preferred Stock w/Warrants $130,000,000 Par

12/5/2008 First Defiance Financial Corp. Defiance OH Purchase Preferred Stock w/Warrants $37,000,000 Par

12/5/2008 First Financial Holdings Inc. Charleston SC Purchase Preferred Stock w/Warrants $65,000,000 Par

12/5/2008 Superior Bancorp Inc. Birmingham AL Purchase Preferred Stock w/Warrants $69,000,000 Par

12/5/2008 Southwest Bancorp, Inc. Stillwater OK Purchase Preferred Stock w/Warrants $70,000,000 Par

12/5/2008 Popular, Inc. San Juan PR Purchase Preferred Stock w/Warrants $935,000,000 Par

12/5/2008 Blue Valley Ban Corp Overland Park KS Purchase Preferred Stock w/Warrants $21,750,000 Par

12/5/2008 Central Federal Corporation Fairlawn OH Purchase Preferred Stock w/Warrants $7,225,000 Par

12/5/2008 Bank of Marin Bancorp Novato CA Purchase Preferred Stock w/Warrants $28,000,000 Par

12/5/2008 Bank of North Carolina Thomasville NC Purchase Preferred Stock w/Warrants $31,260,000 Par

12/5/2008 Central Bancorp, Inc. Somerville MA Purchase Preferred Stock w/Warrants $10,000,000 Par

12/5/2008 Southern Missouri Bancorp, Inc. Poplar Bluff MO Purchase Preferred Stock w/Warrants $9,550,000 Par

12/5/2008 State Bancorp, Inc. Jericho NY Purchase Preferred Stock w/Warrants $36,842,000 Par

12/5/2008 TIB Financial Corp Naples FL Purchase Preferred Stock w/Warrants $37,000,000 Par

12/5/2008 Unity Bancorp, Inc. Clinton NJ Purchase Preferred Stock w/Warrants $20,649,000 Par

12/5/2008 Old Line Bancshares, Inc. Bowie MD Purchase Preferred Stock w/Warrants $7,000,000 Par

12/5/2008 FPB Bancorp, Inc. Port St. Lucie FL Purchase Preferred Stock w/Warrants $5,800,000 Par

12/5/2008 Sterling Financial Corporation Spokane WA Purchase Preferred Stock w/Warrants $303,000,000 Par

12/5/2008 Oak Valley Bancorp Oakdale CA Purchase Preferred Stock w/Warrants $13,500,000 Par

12/12/2008 Old National Bancorp Evansville IN Purchase Preferred Stock w/Warrants $100,000,000 Par

12/12/2008 Capital Bank Corporation Raliegh NC Purchase Preferred Stock w/Warrants $41,279,000 Par

12/12/2008 Pacific International Bancorp Seattle WA Purchase Preferred Stock w/Warrants $6,500,000 Par

12/12/2008 SVB Financial Group Santa Clara CA Purchase Preferred Stock w/Warrants $235,000,000 Par

12/12/2008 LNB Bancorp Inc. Lorain OH Purchase Preferred Stock w/Warrants $25,223,000 Par

12/12/2008 Wilmington Trust Corporation Wilmington DE Purchase Preferred Stock w/Warrants $330,000,000 Par

12/12/2008 Susquehanna Bancshares, Inc Lititz PA Purchase Preferred Stock w/Warrants $300,000,000 Par

12/12/2008 Signature Bank New York NY Purchase Preferred Stock w/Warrants $120,000,000 Par

12/12/2008 HopFed Bancorp Hopkinsville KY Purchase Preferred Stock w/Warrants $18,400,000 Par

12/12/2008 Citizens Republic Bancorp, Inc. Flint MI Purchase Preferred Stock w/Warrants $300,000,000 Par

12/12/2008 Indiana Community Bancorp Columbus IN Purchase Preferred Stock w/Warrants $21,500,000 Par

12/12/2008 Bank of the Ozarks, Inc. Little Rock AR Purchase Preferred Stock w/Warrants $75,000,000 Par

12/12/2008 Center Financial Corporation Los Angeles CA Purchase Preferred Stock w/Warrants $55,000,000 Par

12/12/2008 NewBridge Bancorp Greensboro NC Purchase Preferred Stock w/Warrants $52,372,000 Par

12/12/2008 Sterling Bancshares, Inc. Houston TX Purchase Preferred Stock w/Warrants $125,198,000 Par

12/12/2008 The Bancorp, Inc. Wilmington DE Purchase Preferred Stock w/Warrants $45,220,000 Par

12/12/2008 TowneBank Portsmouth VA Purchase Preferred Stock w/Warrants $76,458,000 Par

12/12/2008 Wilshire Bancorp, Inc. Los Angeles CA Purchase Preferred Stock w/Warrants $62,158,000 Par

12/12/2008 Valley Financial Corporation Roanoke VA Purchase Preferred Stock w/Warrants $16,019,000 Par

12/12/2008 Independent Bank Corporation Ionia MI Purchase Preferred Stock w/Warrants $72,000,000 Par

12/12/2008 Pinnacle Financial Partners, Inc. Nashville TN Purchase Preferred Stock w/Warrants $95,000,000 Par

12/12/2008 First Litchfield Financial Corporation Litchfield CT Purchase Preferred Stock w/Warrants $10,000,000 Par

12/12/2008 National Penn Bancshares, Inc. Boyertown PA Purchase Preferred Stock w/Warrants $150,000,000 Par

12/12/2008 Northeast Bancorp Lewiston ME Purchase Preferred Stock w/Warrants $4,227,000 Par

12/12/2008 Citizens South Banking Corporation Gastonia NC Purchase Preferred Stock w/Warrants $20,500,000 Par

12/12/2008 Virginia Commerce Bancorp Arlington VA Purchase Preferred Stock w/Warrants $71,000,000 Par

12/12/2008 Fidelity Bancorp, Inc. Pittsburgh PA Purchase Preferred Stock w/Warrants $7,000,000 Par

12/12/2008 LSB Corporation North Andover MA Purchase Preferred Stock w/Warrants $15,000,000 Par

12/19/2008 Intermountain Community Bancorp Sandpoint ID Purchase Preferred Stock w/Warrants $27,000,000 Par

12/19/2008 Community West Bancshares Goleta CA Purchase Preferred Stock w/Warrants $15,600,000 Par

12/19/2008 Synovus Financial Corp. Columbus GA Purchase Preferred Stock w/Warrants $967,870,000 Par

12/19/2008 Tennessee Commerce Bancorp, Inc. Franklin TN Purchase Preferred Stock w/Warrants $30,000,000 Par

12/19/2008 Community Bankers Trust Corporation Glen Allen VA Purchase Preferred Stock w/Warrants $17,680,000 Par

12/19/2008 BancTrust Financial Group, Inc. Mobile AL Purchase Preferred Stock w/Warrants $50,000,000 Par

12/19/2008 Enterprise Financial Services Corp. St. Louis MO Purchase Preferred Stock w/Warrants $35,000,000 Par

12/19/2008 Mid Penn Bancorp, Inc. Millersburg PA Purchase Preferred Stock w/Warrants $10,000,000 Par

12/19/2008 Summit State Bank Santa Rosa CA Purchase Preferred Stock w/Warrants $8,500,000 Par

12/19/2008 VIST Financial Corp. Wyomissing PA Purchase Preferred Stock w/Warrants $25,000,000 Par

12/19/2008 Wainwright Bank & Trust Company Boston MA Purchase Preferred Stock w/Warrants $22,000,000 Par

12/19/2008 Whitney Holding Corporation New Orleans LA Purchase Preferred Stock w/Warrants $300,000,000 Par

12/19/2008 The Connecticut Bank and Trust Company Hartford CT Purchase Preferred Stock w/Warrants $5,448,000 Par

12/19/2008 CoBiz Financial Inc. Denver CO Purchase Preferred Stock w/Warrants $64,450,000 Par

12/19/2008 Santa Lucia Bancorp Atascadero CA Purchase Preferred Stock w/Warrants $4,000,000 Par

12/19/2008 Seacoast Banking Corporation of Florida Stuart FL Purchase Preferred Stock w/Warrants $50,000,000 Par

12/19/2008 Horizon Bancorp Michigan City IN Purchase Preferred Stock w/Warrants $25,000,000 Par

12/19/2008 Fidelity Southern Corporation Atlanta GA Purchase Preferred Stock w/Warrants $48,200,000 Par

12/19/2008 Community Financial Corporation Staunton VA Purchase Preferred Stock w/Warrants $12,643,000 Par

12/19/2008 Berkshire Hills Bancorp, Inc. Pittsfield MA Purchase Preferred Stock w/Warrants $40,000,000 Par

12/19/2008 First California Financial Group, Inc Westlake Village CA Purchase Preferred Stock w/Warrants $25,000,000 Par

12/19/2008 AmeriServ Financial, Inc Johnstown PA Purchase Preferred Stock w/Warrants $21,000,000 Par

12/19/2008 Security Federal Corporation Aiken SC Purchase Preferred Stock w/Warrants $18,000,000 Par

12/19/2008 Wintrust Financial Corporation Lake Forest IL Purchase Preferred Stock w/Warrants $250,000,000 Par

12/19/2008 Flushing Financial Corporation Lake Success NY Purchase Preferred Stock w/Warrants $70,000,000 Par

12/19/2008 Monarch Financial Holdings, Inc. Chesapeake VA Purchase Preferred Stock w/Warrants $14,700,000 Par

12/19/2008 StellarOne Corporation Charlottesville VA Purchase Preferred Stock w/Warrants $30,000,000 Par

12/19/2008 Union Bankshares Corporation Bowling Green VA Purchase Preferred Stock w/Warrants $59,000,000 Par

12/19/2008 Tidelands Bancshares, Inc Mt. Pleasant SC Purchase Preferred Stock w/Warrants $14,448,000 Par

12/19/2008 Bancorp Rhode Island, Inc. Providence RI Purchase Preferred Stock w/Warrants $30,000,000 Par

12/19/2008 Hawthorn Bancshares, Inc. Lee's Summit MO Purchase Preferred Stock w/Warrants $30,255,000 Par

12/19/2008 The Elmira Savings Bank, FSB Elmira NY Purchase Preferred Stock w/Warrants $9,090,000 Par

12/19/2008 Alliance Financial Corporation Syracuse NY Purchase Preferred Stock w/Warrants $26,918,000 Par

12/19/2008 Heartland Financial USA, Inc. Dubuque IA Purchase Preferred Stock w/Warrants $81,698,000 Par

12/19/2008 Citizens First Corporation Bowling Green KY Purchase Preferred Stock w/Warrants $8,779,000 Par

2/           12/19/2008 FFW Corporation Wabash IN Purchase Preferred Stock w/ Exercised Warrants $7,289,000 Par

2/           12/19/2008 Plains Capital Corporation Dallas TX Purchase Preferred Stock w/ Exercised Warrants $87,631,000 Par

2/           12/19/2008 Tri‐County Financial Corporation Waldorf MD Purchase Preferred Stock w/ Exercised Warrants $15,540,000 Par

3/           12/19/2008OneUnited Bank Boston MA Purchase Preferred Stock $12,063,000 Par

2/           12/19/2008 Patriot Bancshares, Inc. Houston TX Purchase Preferred Stock w/ Exercised Warrants $26,038,000 Par

2/           12/19/2008 Pacific City Finacial Corporation Los Angeles CA Purchase Preferred Stock w/ Exercised Warrants $16,200,000 Par

2/           12/19/2008 Marquette National Corporation Chicago IL Purchase Preferred Stock w/ Exercised Warrants $35,500,000 Par

2/           12/19/2008 Exchange Bank Santa Rosa CA Purchase Preferred Stock w/ Exercised Warrants $43,000,000 Par

2/           12/19/2008 Monadnock Bancorp, Inc. Peterborough NH Purchase Preferred Stock w/ Exercised Warrants $1,834,000 Par

2/           12/19/2008 Bridgeview Bancorp, Inc. Bridgeview IL Purchase Preferred Stock w/ Exercised Warrants $38,000,000 Par

2/           12/19/2008 Fidelity Financial Corporation Wichita KS Purchase Preferred Stock w/ Exercised Warrants $36,282,000 Par
10

2/           12/19/2008 Bridgeview Bancorp, Inc. Bridgeview IL Purchase Preferred Stock w/ Exercised Warrants $38,000,000 Par

2/           12/19/2008 Fidelity Financial Corporation Wichita KS Purchase Preferred Stock w/ Exercised Warrants $36,282,000 Par

2/           12/19/2008 Patapsco Bancorp, Inc. Dundalk MD Purchase Preferred Stock w/ Exercised Warrants $6,000,000 Par

2/           12/19/2008NCAL Bancorp Los Angeles CA Purchase Preferred Stock w/ Exercised Warrants $10,000,000 Par

2/           12/19/2008 FCB Bancorp, Inc. Louisville KY Purchase Preferred Stock w/ Exercised Warrants $9,294,000 Par

12/23/2008 First Financial Bancorp Cincinnati OH Purchase Preferred Stock w/ Warrants $80,000,000 Par

12/23/2008 Bridge Capital Holdings San Jose CA Purchase Preferred Stock w/ Warrants $23,864,000 Par

12/23/2008 International Bancshares Corporation Laredo TX Purchase Preferred Stock w/ Warrants $216,000,000 Par

12/23/2008 First Sound Bank Seattle WA Purchase Preferred Stock w/ Warrants $7,400,000 Par

12/23/2008 M&T Bank Corporation Buffalo NY Purchase Preferred Stock w/ Warrants $600,000,000 Par

12/23/2008 Emclaire Financial Corp. Emlenton PA Purchase Preferred Stock w/ Warrants $7,500,000 Par

12/23/2008 Park National Corporation Newark OH Purchase Preferred Stock w/ Warrants $100,000,000 Par

12/23/2008 Green Bankshares, Inc. Greeneville TN Purchase Preferred Stock w/ Warrants $72,278,000 Par

12/23/2008 Cecil Bancorp, Inc. Elkton MD Purchase Preferred Stock w/ Warrants $11,560,000 Par

12/23/2008 Financial Institutions, Inc. Warsaw NY Purchase Preferred Stock w/ Warrants $37,515,000 Par

12/23/2008 Fulton Financial Corporation Lancaster PA Purchase Preferred Stock w/ Warrants $376,500,000 Par

12/23/2008 United Bancorporation of Alabama, Inc. Atmore AL Purchase Preferred Stock w/ Warrants $10,300,000 Par

12/23/2008 MutualFirst Financial, Inc. Muncie IN Purchase Preferred Stock w/ Warrants $32,382,000 Par

12/23/2008 BCSB Bancorp, Inc. Baltimore MD Purchase Preferred Stock w/ Warrants $10,800,000 Par

12/23/2008 HMN Financial, Inc. Rochester MN Purchase Preferred Stock w/ Warrants $26,000,000 Par

12/23/2008 First Community Bank Corporation of America Pinellas Park FL Purchase Preferred Stock w/ Warrants $10,685,000 Par

12/23/2008 Sterling Bancorp New York NY Purchase Preferred Stock w/ Warrants $42,000,000 Par

12/23/2008 Intervest Bancshares Corporation New York NY Purchase Preferred Stock w/ Warrants $25,000,000 Par

12/23/2008 Peoples Bancorp of North Carolina, Inc. Newton NC Purchase Preferred Stock w/ Warrants $25,054,000 Par

12/23/2008 Parkvale Financial Corporation Monroeville PA Purchase Preferred Stock w/ Warrants $31,762,000 Par

12/23/2008 Timberland Bancorp, Inc. Hoquiam WA Purchase Preferred Stock w/ Warrants $16,641,000 Par

12/23/2008 1st Constitution Bancorp Cranbury NJ Purchase Preferred Stock w/ Warrants $12,000,000 Par

12/23/2008 Central Jersey Bancorp Oakhurst NJ Purchase Preferred Stock w/ Warrants $11,300,000 Par

2/          12 /23/2008 Western Illinois Bancshares Inc. Monmouth IL Purchase Preferred Stock w/ Exercised Warrants $6,855,000 Par

2/          12 /23/2008 Saigon National Bank Westminster CA Purchase Preferred Stock w/ Exercised Warrants $1,549,000 Par

2/          12 /23/2008 Capital Pacific Bancorp Portland OR Purchase Preferred Stock w/ Exercised Warrants $4,000,000 Par

2/          12 /23/2008Uwharrie Capital Corp Albemarle NC Purchase Preferred Stock w/ Exercised Warrants $10,000,000 Par

3/          12/23/2008 Mission Valley Bancorp Sun Valley CA Purchase Preferred Stock $5,500,000 Par

2/          12 /23/2008 The Little Bank, Incorporated Kinston NC Purchase Preferred Stock w/ Exercised Warrants $7,500,000 Par

2/          12 /23/2008 Pacific Commerce Bank Los Angeles CA Purchase Preferred Stock w/ Exercised Warrants $4,060,000 Par

2/          12 /23/2008 Citizens Community Bank South Hill VA Purchase Preferred Stock w/ Exercised Warrants $3,000,000 Par

2/          12 /23/2008 Seacoast Commerce Bank Chula Vista CA Purchase Preferred Stock w/ Exercised Warrants $1,800,000 Par

2/          12 /23/2008 TCNB Financial Corp. Dayton OH Purchase Preferred Stock w/ Exercised Warrants $2,000,000 Par

2/          12 /23/2008 Leader Bancorp, Inc. Arlington MA Purchase Preferred Stock w/ Exercised Warrants $5,830,000 Par

2/          12 /23/2008Nicolet Bankshares, Inc. Green Bay WI Purchase Preferred Stock w/ Exercised Warrants $14,964,000 Par

2/          12 /23/2008 Magna Bank Memphis TN Purchase Preferred Stock w/ Exercised Warrants $13,795,000 Par

2/          12 /23/2008 Western Community Bancshares, Inc. Palm Desert CA Purchase Preferred Stock w/ Exercised Warrants $7,290,000 Par

2/          12 /23/2008 Community Investors Bancorp, Inc. Bucyrus OH Purchase Preferred Stock w/ Exercised Warrants $2,600,000 Par

2/          12 /23/2008 Capital Bancorp, Inc. Rockville MD Purchase Preferred Stock w/ Exercised Warrants $4,700,000 Par

2/          12 /23/2008 Cache Valley Banking Company Logan UT Purchase Preferred Stock w/ Exercised Warrants $4,767,000 Par

2/          12 /23/2008 Citizens Bancorp Nevada City CA Purchase Preferred Stock w/ Exercised Warrants $10,400,000 Par

2/          12 /23/2008 Tennessee Valley Financial Holdings, Inc. Oak Ridge TN Purchase Preferred Stock w/ Exercised Warrants $3,000,000 Par

2/          12 /23/2008 Pacific Coast Bankers' Bancshares San Francisco CA Purchase Preferred Stock w/ Exercised Warrants $11,600,000 Par

12/31/2008 SunTrust Banks, Inc. Atlanta GA Purchase Preferred Stock w/ Warrants $1,350,000,000 Par

12/31/2008 The PNC Financial Services Group Inc. Pittsburgh PA Purchase Preferred Stock w/ Warrants $7,579,200,000 Par

12/31/2008 Fifth Third Bancorp Cincinnati OH Purchase Preferred Stock w/ Warrants $3,408,000,000 Par

12/31/2008 Hampton Roads Bankshares, Inc. Norfolk VA Purchase Preferred Stock w/ Warrants $80,347,000 Par

12/31/2008 CIT Group Inc. New York NY Purchase Preferred Stock w/ Warrants $2,330,000,000 Par

12/31/2008 West Bancorporation, Inc. West Des Moines IA Purchase Preferred Stock w/ Warrants $36,000,000 Par

2/          12 /31/2008 First Banks, Inc. Clayton MO Purchase Preferred Stock w/ Exercised Warrants 295,400,000 Par

TOTAL $187,539,500,000

1/ Settlement deferred pending merger.

2/ Privately-held qualified financial institution; Treasury received a warrant to purchase additional shares of preferred stock, which it exercised immediately.

3/ To promote community development financial institutions (CDFIs), Treasury did not require warrants as part of its investment.
11

VII. TRANSACTION REPORT – SYSTEMICALLY SIGNIFICANT FAILING 

INSTITUTIONS 

SYSTEMICALLY SIGNIFICANT FAILING INSTITUTIONS

Seller

Date Name of Institution City State Transaction Type Description Price Paid

Pricing

Mechanism

11/25/2008 AIG New York NY Purchase Preferred Stock w/ Warrants $40,000,000,000 Par
12

VIII. TRANSACTION REPORT – AUTOMOTIVE INDUSTRY FINANCING 

PROGRAM 

AUTOMOTIVE INDUSTRY FINANCING PROGRAM

Name of Institution City State

Pricing

Mechanism

12/29/2008 GMAC LLC Detroit MI Purchase Preferred Stock w/ Exercised Warrants $5,000,000,000

Liquidation

Preference

1/           12/29/2008General Motors Corporation Detroit MI Purchase Debt Obligation $1,000,000,000 N/A

2/          12/31/2008 General Motors Corporation Detroit MI Purchase Debt Obligation w/ Warrants $9,400,000,000 N/A

TOTAL $15,400,000,000

which is contingent on Treasury's authority under section 115(a) of EESA.  

1/  Treasury committed to lend General Motors Corporation up to $1,000,000,000.  The ultimate level of funding will depend upon the level of current investor participation in

GMAC LLC's rights offering.  Once determined, the Amount will be updated to reflect the final funding level.

Date Amount

Seller

Transaction Type Description

2/  The Amount includes $4,000,000,000 funded on December 31, 2008, and $5,400,000,000 to be funded on January 16, 2009; it does not include an additional loan of $4,000,000,000,
13

IX. TRANSACTION REPORT – TARGETED INVESTMENT PROGRAM 

TARGETED INVESTMENT PROGRAM

Seller

Date Name of Institution City State Transaction Type Description Price Paid

Pricing

Mechanism

12/31/20008 Citigroup New York NY Purchase Preferred Stock w/ Warrants $20,000,000,000 Par
14

X. PROJECTED COSTS AND LIABILITIES 

U.S. Treasury Department

Office of Financial Stability

Troubled Asset Relief Program

Projected Costs and Liabilities [Section 105(a)(3((E)]

For Period Ending December 31, 2008

Type of Expense/Liability Amount 

None

U.S. Treasury Department

Office of Financial Stability

Troubled Asset Relief Program

Programmatic Operating Expenses [Section 105(a)(3)(F)]

For Period Ending December 31, 2008

Type of Expense Amount

Compensation for financial agents 

and legal firms $7,757,662

U.S. Treasury Department

Office of Financial Stability

Troubled Asset Relief Program

Insurance Contracts [Section 105(a)(3((B)]

For Period Ending December 31, 2008

Name Amount

None

Notes: Treasury interprets this reporting requirement as applicable to costs and 

liabilities related to insurance contracts entered into under the provisions 

of section 102 of the EESA. No such contracts have been entered into to date.