Howard Milstein, the chairman and chief executive of New York Private Bank and Trust Corp., does not see patience as a virtue.

Eager to apply for government capital, Mr. Milstein was frustrated to learn that Subchapter S corporations would not be included in the first two rounds of the Treasury Department's Troubled Asset Relief Program. So in November, the $15 billion-asset parent of Emigrant Bank switched its tax structure, dropping its designation as an S Corp in favor of the more common C Corp status.

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