WASHINGTON–The Federal Reserve Board has approved the applications of Hartford Financial Group and Protective Life Corporation to acquire troubled savings and loans–a move that makes them eligible for federal bailout money.
At the same time, the Office of Thrift Supervision said it has approved the application of the Phoenix Companies, Hartford, Conn., to acquire American Sterling Bank, based in a community near Kansas City, Miss.
The insurers made the acquisitions in an effort to meet standards set by the Treasury Department to receive funds under the agency's Capital Purchase Program, a pool of some $250 billion that is part of the $700 billion federal Troubled Asset Relief Program, or TARP, often referred to as the “bank bailout” program.
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