Nov 17, 2008 06:42 PM
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WASHINGTON–The government says 3,800 banks will have until early December to apply for a share of the $700 billion financial system rescue program.
The Treasury Department says a category of privately held banks will have until Dec. 8 to apply for the government to purchase shares of their stock as a way to bolster their balance sheets. The deadline for larger publicly traded banks was Nov. 14.
The new Dec. 8 deadline will apply to about 3,800 banks that are so-called C-Corps institutions for the part of the tax code that applies to them. Another 2,500 S-Corps institutions also will be able to apply for money, but the deadline for their applications has not yet been set.
