Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from John Stewart - Sandler O'Neill Asset Management.
John Stewart - Sandler O'Neill Asset Management
I had a couple of questions for you. I guess first just wanted to get your thoughts on participation in the [Inaudible]?
John Warren
It’s kind of interesting, as one CEO was quoted this morning and saying the ?Devils in the details.? I think we are very happy with the $50 million that we raised, there is no question about that. I think we got between here and November 14. I don’t want to say categorically we won’t touch it, so we’ll look at the details, we will also look and see if there are any opportunities out there but we are happy with the $50 million that we raised.
Also a little unnerved, I think there was an op-ed piece in the Wall Street today. I don’t know if it’s the Wall Street or the New York Times and they were a couple of people of slumping up and down saying definitely that no dividend should be paid at all for any banking institution that takes this government money. So I think that we’ll take a look at it, but where we stand right now is we are very, very pleased with the $50 million that we raised, net 47.
John Stewart - Sandler O'Neill Asset Management
Okay and then I guess just on the commercial loan growth in the quarter. Can you kind of just breakdown where that came from; how much of it was self originative versus purchase, things like that, geographically?
Dave Devault
Geographically it’s primarily in the Southern New England, very little would have been out of that footprint. Primarily south originated were some participation in there. I’m not sure I have that exact dollar amount of participation or originations in the quarter handy.
John Warren
We can give you the gross amount of participations that we have right now, which is on the sheet and on a net basis that only puts it up a few million dollars.
Dave Devault
Right we have $84 million of participation balances where we are not the lead bank at the end of the third quarter.
John Stewart - Sandler O'Neill Asset Management
Okay and is there something that is happening kind of in your markets that’s giving you the opportunity to put up that kind of growth. It’s just more than I would have expected in the quarter.
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