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TARP funds are meant to increase lending and ease the credit crunch.

By Julianne Pepitone, CNNMoney.com contributing writer
Last Updated: February 3, 2009: 2:01 PM ET


NEW YORK (CNNMoney.com) -- The U.S. Treasury Department on Tuesday detailed 42 local banks that recently received a combined $1.15 billion in government bailout funds.

The funds, given to institutions in 25 states, were distributed through capital investments under under the Troubled Asset Relief Program or TARP.

TARP is the $700 billion bank rescue enacted last October and intended to increase lending to customers. The Treasury said it has now invested $195.3 billion in 359 institutions in 45 states and Puerto Rico.

The $1.15 billion in investments include $266 million for Flagstar Bancorp of Michigan, $243 million for PrivateBancorp of Illinois and $110 million each for W.T.B. Financial Corp. of Washington and Anchor BanCorp of Wisconsin.

Other pay outs ranged from $3.67 million for AMB Financial Corp. of Indiana to $39 million for the Peoples Bancorp in Ohio.

Farmers and Merchants Bank, whose customers are mostly farms and rural businesses, became the first Nebraska bank to receive Treasury investments through the program.

Anchor BanCorp and Legacy Bancorp became the first Wisconsin banks to receive TARP investment funds.