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Treasury Provides $15B From Bailout Pot To 7 Banks

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Jan 5, 2009 4:59 pm US/Eastern

Treasury Provides $15B From Bailout Pot To 7 Banks

WASHINGTON (AP) ― The government says it has supplied another $15 billion to seven banks in the latest round of payments from the $700 billion rescue fund.

The Treasury Department says the biggest payment in the new round totaled $7.58 billion to Pittsburgh-based PNC Financial Services Group Inc.

The latest payments bring the amount the government has committed to buying bank stock as a way of bolstering the financial system to $187.5 billion. Treasury says it has provided support to financial institutions in 41 states and Puerto Rico.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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