So far, 62 banks have been approved (some on a preliminary basis) to receive about $173 billion from the Troubled Asset Relief Program; another 48 have applied for $6.5 billion. More banks likely met the Friday deadline. With so many banks lining up for funds, it raises the issue of just how successful the program has been so far. It's fair to say that solvency fears have abated, but it's also clear that the funds are by no means a panacea. They do not represent the answer to the crisis. The fact is that credit markets have shown only marginal improvement, and the total credit picture is looking bleak. There may yet be another leg down for mortgage-related securities, even as other forms of credit start to creak. So it remains to be seen how long taxpayers will be large owners of the banking industry. It will likely be many years.

For more:
- here's an AP article

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TARP News from FierceFinance