Welcome to the Philly 411, our monthly column onreal estate happenings in the Metro area supplied with intel fromDavid Jacobs, a director at Llenrock Group, a localcommercial real estate investment-banking firm. You can also followtheir blog here.Opinions are the author's own.

Susquehanna Bancshares, Inc., with almost $1 billion in depositsin this region, was one of the first banks with a local presence toannounce its participation in the US Treasury Department'svoluntary Capital Purchase Program, part of the Troubled AssetRelief Program (TARP).

Under the program, Susquehanna applied for and received $300million in early 2009. In return, it issued the Treasury $300million in non-voting, senior shares of Susquehanna preferred stockand warrants to purchase $45 million of Susquehanna common stock,or 15% of the value of the preferred stock. In accordance with theCapital Purchase Program, the preferred shares pay an annual 5%dividend for the first five years, and 9% annually after the fifthyear, if they are not redeemed. It looks like that 9% will not beachieved.