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Officials of Dunkirk-based Lake Shore, parent of Lake Shore Savings Bank, are "currently reviewing all the pros and cons of the program," President and CEO David Mancuso said by email.
Mancuso noted that banks have until Nov. 14 to apply and then, if accepted, have 30 days in which to sign and file the contracts. Additionally, he noted, the bank is still "under no obligation," and has up to three months afterwards in which it can withdraw, giving it time to continue its evaluation.
Evans is following the same path.
"We are currently analyzing the various details for participation," President and CEO David Nasca said by e-mail. "It is highly likely we will file an application and continue assessing whether we will participate."
If accepted, Lake Shore and Evans would join First Niagara Financial Group, KeyCorp and more than 18 other banks that have been approved in recent days by the federal government to receive taxpayer investments. The Treasury Department's Capital Purchase Program, part of the $700 billion Troubled Asset Relief Program passed by Congress Oct. 3, authorizes the government to invest $250 billion in healthy banks to spur lending and restart the flow of credit.
The first $125 billion went to the nine largest banks, while the rest is to be allocated among the nation's other banks. About $35 billion of that has been awarded already.
Recipients include SunTrust Banks of Atlanta, Capital One Financial Corp. of Virginia, Boston-based State Street Corp., Northern Trust Corp. of Chicago, Regions Financial Corp. of Alabama, Cincinnati-based Fifth Third Bancorp, North Carolina's BB&T Corp., Dallasbased Comerica, Columbusbased Huntington Bancshares, Tennessee's First Horizon National Corp. and PNC Financial Services Group of Pittsburgh.
Financial Institutions, parent of Five Star Bank in Warsaw, may also apply, said Peter G. Humphrey, its president and CEO.
"[The program] looks to be quite attractive," Humphrey said. "It's cheap capital and we're actively considering taking advantage of it to support our ongoing activities."
Federal officials are now working on ways to open the program up to banks and savings banks that are not publicly traded or are even privately held, such as mutual savings banks owned by depositors. Such institutions don't issue preferred shares. Life insurers are also seeking to be included.
jepstein@buffnews.com
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