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Ailing Genworth Buying Thrift, Wants TARP Money

November 17, 2008

Genworth Financial, after recently posting a large third quarter loss, struck a deal over the weekend to buy a $1 billion thrift in Minnesota, which it will use to file an application for a capital infusion under the $700 billion bailout bill.

Genworth of Richmond, Va., also owns a mortgage insurance division, which it is considering selling.

At press time, a Genworth spokesman had not returned a telephone call about the thrift purchase. In conjunction with its planned purchase of InterBank FSB of Maple Grove, Minn., Genworth also has filed a savings and loan holding company application with the Office of Thrift Supervision (OTS).

To participate in the Treasury's capital purchase program, it must first file an application with OTS. Last week Genworth said it has borrowed $930 million of a $1.7 billion credit line.

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