NEW YORK (Reuters) - Life and mortgage insurer Genworth Financial Inc <GNW.N> said on Sunday it applied for capital under a U.S. government program after reaching a deal to buy a bank and requesting savings and loan company status.
With the move, Genworth joins property and casualty insurer Hartford Financial Services Group Inc <HIG.N> in changing its regulatory status to participate in the Treasury Department's $700 billion Troubled Asset Relief Program (TARP).
Hartford said Friday it agreed to buy a small savings and loan, making it eligible to raise up to $3.4 billion from TARP.
Genworth said it had reached an agreement in principle to buy InterBank fsb of Maple Grove, Minnesota and filed a savings and loan holding company application with the Office of Thrift Supervision.
InterBank is a community bank with about $1 billion in assets, according to its website.
Earlier this month, Genworth reported a $258 million net loss for the third quarter and its operating profit missed Wall Street expectations. It also suspended a share buyback plan, withdrew a previous forecast for 2008 operating profit, and said it was exploring ways to bolster capital.
The company was spun off by General Electric Co <GE.N> in 2004.
(Reporting by Paritosh Bansal; Editing by Tim Dobbyn)
Publié le 16 novembre 2008 Copyright © 2008 Reuters
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