Bailout: U.S. Treasury Department Distributes $386 Million To 23 Banks

WASHINGTON (AP) - The Treasury Department says it has distributed another $386 million to 23 banks, the first awards from the federal bailout fund since President Barack Obama took office.

The department says the latest capital infusions went to banks in 14 states, bringing the total number of institutions that have been helped to 317.

The new distributions were made Friday and mark the first funds from the $700 billion bailout fund distributed since Obama took office last week.

Under the law that established the fund, the administration has to publicly disclose its funding actions within two business days after the money is disbursed.