Texas Capital Bancshares Inc. says it is applying for the U.S. Department of Treasury’s Capital Purchase Program to secure $130 million in new capital.
In return, the government would receive senior preferred stock and warrants, Texas Capital (NASDAQ: TCBI) said in a statement Tuesday. The program is part of the federal government’s $70 billion bailout of the financial sector.
Thus far, Dallas-based Comerica Inc. (NYSE: CMA) has said it’s one of 20 large regional banks participating in the program. Comerica will receive $2.25 billion in new capital from the treasury department.
Meanwhile, Cullen/Frost Bankers Inc. (NYSE: CFR), which is based in San Antonio, has declined to participate in the bailout program.
Texas Capital applies for bailout funds
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