(Updates with response from Phoenix Cos. in fourth through sixth paragraphs and closing share prices in last paragraph.)
By Lavonne Kuykendall Of DOW JONES NEWSWIRES CHICAGO -(Dow Jones)- Three more non-banks, including one insurer, applied for a thrift banking charter last week to qualify for U.S. government financial aid.
The applications were filed on time to qualify, but were "misrouted" to other offices in the building and weren't directed to the OTS until Tuesday, said OTS spokesman William Ruberry.
Phoenix Cos. (PNX), a life insurer and variable annuity provider, Rock Holdings Inc., which owns online lender Quicken Loans Inc., and PHH Corp. (PHH), a mortgage originator and servicer, all filed "placeholder" applications on or before Friday, said Ruberry. The placeholder application indicates the companies wish to meet the deadline set by the U.S. Treasury's Troubled Asset Relief Program, or TARP, but haven't yet worked out the details of their acquisition of a thrift.
Phoenix decided to apply for the same reason cited by other applicants: the 5% interest rate on the money it accepts from the program.
"Given the TARP Capital Purchase Program's attractive terms, it is in our shareholders' best interests for us to file this application and further explore the opportunities presented in this program," said Alice S. Ericson, second vice president of corporate communications at Phoenix Cos., via an emailed statement.
Ericson said the company is "well capitalized, has many options for raising additional capital, and has no debt maturing until 2032." Phoenix has not yet identified a savings association or savings and loan holding company to acquire.
Spokespeople from PHH and Rock Holdings did not immediately return phone calls asking for comment.
According to the guidelines set to apply for TARP's capital purchase program, applicants must hold some type of banking or savings and loan charter, and the deadline to apply was Friday.
That requirement has led to a mini-run on small thrifts that are willing to be acquired. Qualified banks may receive a Treasury-funded capital infusion of between 1% and 3% of the company's risk-weighted assets.
Previously, three non-banks had set deals to acquire small thrifts in order to quickly obtain a banking charter to qualify for the program. They are Hartford Financial Services Group Inc. (HIG), Genworth Financial Inc. (GNW) and Lincoln National Corp. (LNC). Dutch insurer Aegon NV (AEG) has applied for a thrift charter; The Wall Street Journal has reported that Aegon unit Transamerica is buying Suburban Federal Savings Bank of Crofton, Md.
On Tuesday, Genworth closed down 16% at $1.12, Lincoln National dropped 3.1% to $12.16, and Phoenix Cos. declined nearly 2.3% to $3.04. PHH rose 0.7% to $6.04, and Hartford climbed 4.1% to $9.64.
-By Lavonne Kuykendall, Dow Jones Newswires; 312-750-4141; lavonne.kuykendall@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=ca%2BNpgo7zosg6xjniF472A%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
November 18, 2008 17:55 ET (22:55 GMT)

Publié le 18 novembre 2008 Copyright © 2008 Dowjones