PHILADELPHIA- Welcome to the Philly 411, our monthly column on real estate happenings in the Metro area supplied with intel from David Jacobs, a director at Llenrock Group, a local commercial real estate investment-banking firm. You can also follow their blog here. Opinions are the author’s own.

Susquehanna Bancshares, Inc., with almost $1 billion in deposits in this region, was one of the first banks with a local presence to announce its participation in the US Treasury Department’s voluntary Capital Purchase Program, part of the Troubled Asset Relief Program (TARP).

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

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