Where the $700 billion has gone?

Friday was the deadline for banks to apply.

On Oct. 14, the Treasury Department set aside $250 billion of the program to buy senior preferred shares and warrants in banks, thrifts and other financial institutions. According to the Treasury, half that money was allocated to nine big banks, and, according to statements from individual banks, another $38 billion has been earmarked for regional or small banks.


On Monday, the government announced that $40 billion, its single largest TARP investment, was going to American International Group.

TARP has committed or approved the following funding:

AIG: $40 billion

JPMorgan: $25 billion

Citigroup: $25 billion

Wells Fargo: $25 billion

Bank of America: $15 billion

Merrill Lynch: $10 billion (note 1)

Goldman Sachs: $10 billion

Morgan Stanley: $10 billion

PNC Financial Services: $7.7 billion

US Bancorp: $6.6 billion

Bank of New York Mellon: $3 billion

State Street Corp: $2 billion

Capital One Financial: $3.55 billion

Fifth Third Bancorp: $3.45 billion

Regions Financial: $3.5 billion

SunTrust Banks: $3.5 billion

BB&T Corp: $3.1 billion

KeyCorp: $2.5 billion

Comerica: $2.25 billion

Marshall & Ilsley Corp: $1.7 billion

Northern Trust Corp: $1.5 billion

Huntington Bancshares: $1.4 billion

Zions Bancorp: $1.4 billion

Synovus: $973 million

First Horizon National: $866 million

City National Corp: $395 million

South Financial Group: $347 million

Valley National Bancorp: $300 million

Citizens Rep Bancorp: $300 million

UCBH Holdings Inc: $298 million

FirstMerit Corp: $248 million

Umpqua Holdings Corp: $214 million

Washington Federal: $200 million

First Niagara Financial: $186 million

Peoples Bancorp: $39 million

Encore Bancshares: $34 million

HF Financial Corp: $25 million

Bank of Commerce: $17 million

Broadway Financial Corp: $9 million

TOTAL: $213.39 billion

OTHER COMPANIES HOPING TO TAP INTO TARP:

American Express Co is seeking about $3.5 billion

National Penn Bancshares has applied for $150 million

INSURANCE COMPANIES

In addition to TARP's $40 billion for AIG, the Federal Reserve is separately giving AIG up to $112.5 billion for asset purchases.

Other insurers are interested in cash infusions, but they must own a thrift or bank to qualify. On Friday, Hartford Financial Services Group Inc agreed to become a small savings and loan, making it eligible for up to $3.4 billion from TARP.

SMALLER BANKS, AUTOMAKERS

Nov. 14 is the deadline for smaller banks to apply for TARP funds. The deadline will be extended for non-publicly traded banks.

General Motors Corp , Ford Motor Co and Chrysler LLC have asked for billions of dollars in TARP funds. However, the Bush administration has said the program was designed to help the financial services sector.

NO THANKS

These companies have said they would not take part in the TARP program:

- Charles Schwab Corp

- Hudson City Bancorp

- Capital City Bank Group

- Commerce Bancshares

- Northfield Bancorp

- Essa Bancorp Inc

- Rockville Financial Inc

- First Commonwealth Financial Corp

- Chicopee Bancorp Inc

- Bryn Mawr Bank Corp

- Kearny Financial Corp

- Fist Financial Bankshares Inc

- Cheviot Financial Corp

- Southside Bancshares

- Investors Bancorp

- First Advantage Bancorp

Note 1: Capital injection to Merrill Lynch deferred pending its merger with Bank of America, according to Treasury Department.