No Iowa-based banks were among the 43 additional institutions that received approval last week for Capital Purchase Program funds, according to a list released Monday by the U.S. Department of the Treasury. However, West Bank expects to close on its transaction and receive its requested $36 million tomorrow, said Tom Stanberry, the bank’s president and CEO. Forty-five of Iowa’s 415 state- and federal-chartered banks have applied for the federal program, in which the Treasury Department is providing additional capital to banks in exchange for future ownership stakes. Heartland Financial USA Inc. of Dubuque, which received approval for $81.7 million on Dec. 19, is the only Iowa-based bank to actually receive funds so far.

Lehman Bros. Holdings Inc.’s emergency bankruptcy filing might have eliminated up to $75 billion in potential value for creditors, according to a report by the company’s restructuring professionals. Citing The Wall Street Journal, the Atlanta Business Chronicle reported that if Lehman could have filed for bankruptcy in a more orderly filing and sold some of its assets prior to filing for protection, the company might have been able to maintain some of its value. Court filings say that Lehman owes $200 billion to unsecured creditors, but it is uncertain how much they will be able to recover through bankruptcy proceedings.

Des Moines Mayor Frank Cownie and Cedar Rapids Mayor Kay Halloran were scheduled to participate in a press conference this morning to discuss the need to pass the jobs and economic recovery package President-elect Barack Obama and congressional leaders are proposing and to encourage Sen. Charles Grassley to support it. During a Dec. 6 radio address, Obama outlined a plan to create or save at least 3 million jobs over two years by making major investments in energy conservation, renewable-energy technologies, schools, health care and transportation, including the largest investment in U.S. national infrastructure since the creation of the interstate highway system in the 1950s.

The West Des Moines Chamber of Commerce has named Elizabeth “Libby” Jacobs the 2008 West Des Moines Citizen of the Year. She is the 64th recipient of the annual award. Jacobs is the community relations director at Principal Financial Group Inc. and served 14 years in the Iowa House of Representatives. She will be honored with the award at the chamber’s annual dinner Jan. 29 at Des Moines Golf and Country Club. For more information about the dinner, call 225-6009.

A Dallas County manufacturer of window systems has completed its restructuring under Chapter 11 bankruptcy protection and emerged with a new name, Monarch Materials Group Inc. Monarch Holdings Inc. and affiliated companies had filed for bankruptcy protection in September as the result of expenses associated with lawsuits it inherited in the acquisition of Hurd Millwork Co. During the restructuring, Hurd was sold and American Weather-Seal Co. in Ohio was closed, said Steve Privitera, general manager of newly formed Monarch Materials Group. The company manufactures windows and other products for installation in concrete walls.