Treasury completes 12 more TARP investments

The Treasury Department  has completed 12 more investments in U.S. banks, using nearly $122 million in taxpayer capital.

All but one of the banks were new to BailoutSleuth's running tally of institutions that have announced their participation in the $700 billion Troubled Asset Relief Program. The latest deals included the first closely held, S-corporation bank to be approved for government aid.

That bank, Frontier Bancshares Inc., of Austin, Texas, got $3 million. Many small town banks are structured as S-corporations, and those types of companies were not expressly provided for under the original TARP legislation approved by Congress last October.

Standard Bancshares Inc., of Hickory Hills, Ill., got the most money in the recently completed deals, selling $60 million in preferred stock to the government. The company said in its annual report to shareholders that its earnings fell to $5.67 million last year, from $17.6 million in 2007. It cited higher loan-loss provisions and losses on investment securities as major contributors to that decline.

Business Bancshares Inc., of Clayton, Mo., got $15.0 million in TARP money, while Peoples Bancorporation, of Easley, S.C., got $12.7 million.

Mackinac Financial Corp., based in Manistique, Mich, received $11.0 million in taxpayer capital. It reported profits of $1.87 million last year, down sharply from $10.2 million in 2007. The company, which operates mBank, would have been in the red without a $3.47 million gain from a legal settlement.

The other banks getting government money were:

York Traditions Bank (York, Pa.) -- $4.87 million

Grand Capital Corp. (Tulsa, Okla.) -- $4.0 million

Allied First Bancorp (Oswego, Ill.) -- $3.65 million

Oregon Bancorp ( Salem, Ore.) -- $3.22 million

Birmingham Bloomfield Bancshares Inc. (Birmingham, Mich.) -- $1.63 million

Vision Bank-Texas (Richardson, Texas) -- $1.5 million

Indiana Bank Corp. (Dana, Ind.) -- $1.31 million