Wednesday, May 13, 2009
The Obama administration says it will use bailout money repaid by large banks to support additional capital infusions for smaller banks.
Treasury Secretary Timothy Geithner says the repayment proceeds expected from some of the largest banks will be used "to reopen the application window" for banks with total assets under $500 million.
In remarks to the annual meeting of the Independent Community Bankers of America, Geithner says the window for applying or reapplying, and the deadline for small banks to form a holding company to participate in the program will be open for six months.
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