Three more regional companies said they have received preliminary approval to participate in the Treasury Department's Capital Purchase Program.
Marshall & Ilsley Corp. said Tuesday that it has received approval to sell $1.7 billion of preferred stock to the government.
The Milwaukee company said participating in the program would raise its Tier 1 risk-based capital ratio to 10.9% and its total risk-based capital ratio to 14.8%.
Zions Bancorp. in Salt Lake City said it plans to receive $1.4 billion of capital from the federal government to make more loans. Its total risk-based capital ratio would increase to about 15.3%.
Umpqua Holdings Corp. in Portland, Ore., said it expects an investment of $214 million, which would increase its total risk-based capital ratio to 14%.
On Monday, 16 regional banking companies announced plans to participate in the program. This week banking companies have agreed to sell $37.9 billion of preferred shares to the government.
