The Treasury Department announced Tuesday that it had recently made an additional $1.15 billion of infusions for 42 banks through its Capital Purchase Program.
The agency has so far made $195.33 billion in capital injections for 359 institutions in 45 states and Puerto Rico.
Among the banks getting the latest injections were Farmers and Merchants Bank in Nebraska, Firstbank Corp. in Michigan, PrivateBancorp Inc. in Illinois, and Flagstar Bancorp Inc. in Troy, Mich.
Gary Dunlap, the president and chief executive of Country Bankshares Inc., the holding company for Farmers and Merchants, said the funds will help the bank to lend. "We believe this investment will enable our institution to take advantage of opportunities to further strengthen our position in the marketplace," he said in a Treasury press release. "In particular, we believe the investment will increase Farmers and Merchants Bank's lending capacity."
