Wainwright Bank & Trust Co. will accept a $22 million federal investment as part of the Treasury’s TARP Capital Purchase Program.

The bank has received preliminary approval from the Treasury for the investment in Wainwright preferred stock and warrants to purchase common stock.

The investment represents 3 percent of the bank's total risk-weighted assets at Sept. 30.

"As described by Treasury Secretary Henry Paulson, the CPP is designed to inject additional capital into healthy financial institutions,” said Jan A. Miller, president and chief executive officer of Wainwright. “Although we are already 'well-capitalized' as defined by federal banking regulations, we believe the Capital Purchase Program represents a unique opportunity to raise additional capital on attractive terms."

Completion of the proposed transaction will be subject to receipt of final approval from the Treasury Department and certain other customary conditions.