Friday, December 26, 2008

Bridgeview Bank Gets Federal Bailout

By Steve Daniels
(Crain's) — Marquette Bank and Bridgeview Bank Group have been approved for federal equity infusions under the Treasury Department’s financial rescue program, making them the first privately owned banks in the area to get federal bailout funds.

Marquette Bank on the city’s Southwest Side received $35.5 million on Dec. 19, while Bridgeview Bank, based in Southwest suburban Bridgeview, got $38 million, according to a list released today by the Treasury Department. In return for the funds, the banks will issue preferred stock to the government.

Privately held banks across the country are starting to receive money under the federal program aimed at shoring up the nation’s financial institutions. Many publicly held banks already have tapped the program. Continue Reading
photo: karbon69 on flickr

1 comment:

  1. I would like a bailout also.

    Perhaps we can use some Wilson Yard TIF money.