Missouri banks rake in over $400 million in bailout funds
According to a report released today by the U.S. Treasury Department, five Missouri banks are set to receive $428 million in federal bailout funds.
The report, which listed how the amount that U.S. financial institutions have requested from the Treasury's Troubled Asset Relief Program until Dec. 31, 2008, states that one bank, First Bank, Inc., which based in Clayton, Mo. received $295.4 miillion.
Compared to other states, however, Missouri financial institutions haven't exactly taken the lion's share of the $700 billion bailout of U.S. financial institutions, which was approved by Congress in November. The largest single portion of the bailout funds — $40 billion — went to Allied Insurance Group.
According to a report from ProPublica, an investigative reporting service, the Treasury has distributed $279 billion to 284 different financial firms. To see how the bailout money has been distributed among the states, check out this map, also from ProPublica.