As part of the Capital Purchase Program (read: $700 Billion Bailout / Rescue / FixIt Solution)Portland Based Umpqua Bank is getting a sizeable deposit. $214 Million dollars to be exact.
The cash is for the bank to make loans as the overall program is geared towards loosening up banking industry that went rigid overall about a month ago.
But it’s not a blank check. The CPP only works with “healthy” banks (sadly those with tonsillitis or athlete’s foot are left to fend for themselves) and each participant has to adhere to standards outlined by the Treasury Department.
Sources wishing to speak on the grounds of anonymity (because we’re totally making them up) suggest that there were plans to brighten spirits at the participating banks by delivering the cash in all loose change.
