JPMorgan, Marshall & Ilsley Join Two FDIC Guarantee Programs
One part, the Transaction Account Guarantee Program, provides a full guarantee on all non-interest bearing transaction accounts held by any depositor through the end of next year. The Debt Guarantee Program fully guarantees any senior unsecured debt issued between Oct. 14 and June 30, 2009. Qualifying debt would be fully protected if the issuing institution subsequently fails or its holding company files for bankruptcy.
JPMorgan, considered one of the country's strongest banks, also received $25 billion from Treasury Department's Troubled Assets Relief Program. JPMorgan took over Wall Street investment firm Bear Stearns & Co. in a deal backed by the Federal Reserve Bank of New York in March and acquired troubled thrift Washington Mutual, the nation's largest, this fall.
Marshall & Ilsley is among the regional banks that have struggled during the recent financial and credit crises. Milwaukee-based Marshall & Ilsley also has been stung by construction lending.
JPMorgan's shares closed up 7.3% at $33.35 on Friday while Marshall & Ilsley's rose 4.1% to $13.68. Both are unchanged in after-hour trading.
-By Kathy Shwiff, Dow Jones Newswires; 201-938-5975; Kathy.Shwiff@dowjones.com
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(END) Dow Jones Newswires
December 05, 2008 17:24 ET (22:24 GMT)
Publié le 05 Décembre 2008 Copyright © 2008 Dowjones
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