Capmark Financial Group Inc., a Horsham, Pa., real estate lender and advisory firm, has filed an application with the Federal Reserve Board to become a bank holding company, and it is seeking to convert its industrial loan bank to a Utah state-chartered bank.
Also Monday, Capmark said that both the company and its $8.6 billion-asset Capmark Bank have submitted applications to the Treasury Department to participate in its Capital Purchase Program.
The parent company's application is contingent on the Fed's approval of the holding company application.
Capmark Financial said that its applications are aimed at providing itself "with a platform to increase liquidity through greater access to capital and diversified funding sources, including expansion of its deposit-taking capabilities."
A number of financial services companies have applies for bank holding company status in an effort to gain access to retail deposits, as well as Treasury and Federal Deposit Insurance Corp. programs recently established to help stabilize the banking sector.
In order for Capmark Financial to receive a direct capital infusion from the Treasury under the Capital Purchase Program, its holding company application must be approved by Jan. 15.