Lincoln National Gets OK For TARP Funds
May 18, 2009 at 5:11 AM (PT)
LINCOLN FINANCIAL MEDIA parent company LINCOLN NATIONAL CORP. has been cleared to take funds from the federal government's Troubled Asset Relief Program (TARP). "We are pleased that the Treasury Department has recognized the critical role that insurers play in providing liquidity to the financial system and that it is willing to act in a manner that will strengthen the balance sheets of the nation's insurers," said Pres/CEO DENNIS GLASS.
LINCOLN is one of six insurers to be approved for TARP funds, and will sell $2.5 million of its shares to the government in exchange for TARP cash.