( Nasdaq : HCBK ) , announced today that it did not participate in the Capital Purchase Program ( the " CPP " ) that was established as part of the Emergency Economic Stabilization Act of 2008 ( " EESA " ) . President Bush signed EESA into law on October 3 , 2008 providing for $ 700 billion in funding to the U.S. Treasury to establish various programs to stabilize the financial and credit markets . On October 14 , 2008 , the Treasury , the Board of Governors of the Federal Reserve System ( the " FRB " ) , and the Federal Deposit Insurance Corporation ( the " FDIC " ) issued a joint statement announcing the programs aimed at stabilizing the financial markets , including the $ 250 billion voluntary CPP which allows qualifying financial institutions to sell preferred shares to the Treasury .