Treasury injects capital into 21 more banks

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WASHINGTON (Reuters) - The U.S. Treasury Department said on Monday it had transferred $33.56 billion to 21 banks as part of a capital infusion program intended to help steady the shaky financial system, bringing the total injected into banks since the program began to $148.6 billion.

In return for the capital infusions, the Treasury is receiving preferred equity with warrants for common shares as part of a $700 billion financial rescue plan, under which it has set aside $250 billion for bank capital injections.

U.S. Bancorp received $6.6 billion in the latest round of cash infusions, the largest amount for any of the 21 transfers announced by the Treasury on Monday. Many of the 21 banks, including U.S. Bancorp, had already said they were going to participate in the program.

The Treasury launched the bank capital program on October 14 and said at that time it would set aside $125 billion for nine of the nation's biggest banks. It announced the completion of those capital infusions on October 29; a planned $10 billion infusion into Merrill Lynch & Co was deferred pending its merger with Bank of America Corp .

In addition to the $148.6 billion the Treasury has invested in banks, it has said it will take a $40 billion stake in embattled insurer American International Group .

The Treasury initially intended use the $700 billion approved by Congress to buy up bad mortgage-related assets to clean up bank balances sheets, but U.S. Treasury Secretary Henry Paulson publicly scrapped that plan last week.

(Reporting by Tim Ahmann; editing by Gary Crosse)

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