Fifty banks say no to TARP

  by CHRIS CAREY

German American Bancorp Inc. said this week it would turn down $25 million in taxpayer capital from the Treasury Department and raise funds through a private debt offering instead.

 

German American, of Jasper, Ind., joined roughly 50 other banks that were approved for aid through the $700 billion Troubled Asset Relief Program but have publicly opted out, saying they didn't need the money or objected to the restrictions that would come with it.

 

All told, those banks were approved for some $2 billion.

 

The banks renouncing TARP include institutions of all sizes, from all parts of the country. New York Community Bancorp Inc., of Westbury, N.Y., turned down $596 million, which would have made it one of the top 30 TARP recipients.  Landmark Bancorp Inc., of Manhattan, Kan., declined $12 million in taxpayer capital. American River Bancshares, of Sacramento, Calif, turned down $6 million.

 

BailoutSleuth compiled its list of TARP decliners from press releases issued by the banks, from Securities and Exchange Commission filings and from news accounts. Our roster does not include another large group of banks that would have qualified for TARP funds but withdrew their applications before they were approved.

 

To see an alphabetical list of the banks that have turned down their TARP allotments, click on the link that leads to the rest of the story.

 

If you know of any institutions we've overlooked, please let us know and well add their details.

 

Banks declining TARP allotments, with amount authorized:

 

 

Access National Corp. (Reston, Va.) -- $16 million

 

American River Bancshares (Sacramento, Calif.) -- $6 million

 

Ameriana Bancorp (New Castle, Ind.) -- $9.8 million

 

Arrow Financial Corp. (Glens Falls, N.Y.) -- $20 million

 

Astoria Financial Corp (New York) -- $375 million

 

Bank of the James Financial Group, Inc. (Lynchburg, Va.) -- $7.71 million

 

Beacon Federal Bancorp (East Syracuse, N.Y.) -- Undisclosed

 

Beverly National Corp. (Beverly, Mass.) -- $10.6 million

 

Bridge Bancorp (Bridgehampton, N.Y.) -- $15 million

 

California United Bank (Encino, Calif.) -- $8.3 million

 

Cardinal Financial Corp. (Tysons Corner, Va.) -- $41.2 million

 

Chemical Financial Corp. (Midland Mich.) -- $84 million

 

CNB Financial Corp. (Clearfield, Pa.) -- $21.4 million

 

Community Bank of Wichita (Wichita, Kan.) -- $1 million

 

Community Trust Bancorp Inc. (Pikeville, Ky.) -- $68 million

 

Connecticut River Community Bank (Wethersfield, Conn.) -- $3.9 million

 

Dime Community Bancshares Inc. (Brooklyn, N.Y.) -- $77 million

 

Eagle Financial Services Inc. (Berryville, Va.) -- $10 million

 

Enterprise Bancorp. Inc. (Lowell, Massachusetts) -- $28.5 million

 

First Capital Inc. (Corydon, Ind.) -- Not disclosed

 

Frederick County Bancorp Inc. (Frederick, Md.) -- $7.02 million

 

German American Bancorp (Jasper, Ind.) -- $25 million

 

Glacier Bancorp Inc. (Kalispell, Mont.) -- Not disclosed

 

High Point Bank Corp. (High Point, N.C.) -- Not disclosed

 

Kansas State Bank (Manhattan, Kan.) -- Not disclosed

 

Johnson Financial Group (Racine, Wis.) -- $100 million

 

Landmark Bancorp Inc. (Manhattan, Kan.) -- $12 million

 

Legacy Bancorp (Pittsfield, Mass.) -- $20 million

 

Liberty Bancorp Inc. (Liberty, Mo.) -- $8.5 million

 

 

LSB Financial Corp. (Lafayette, Ind.) -- $8.6 million

 

 

Mechanics Bank (Richmond, Calif.) -- $60 million

 

 

Merchants Banschares Inc. (South Burlington, Vt.) -- Not disclosed

 

 

MidCarolina Financial Corp. (Burlington, N.C.) -- Not disclosed

 

 

NBT Bancorp Inc. (Norwich, N.Y.) -- Not disclosed

 

New York Community Bancorp Inc. (Westbury, N.Y.) -- $596 million

 

Northeast Indiana Bancorp. (Huntington, Ind.) --$5.5 million

 

Oak Financial Corp. (Byron Center, Mich.) -- $20 million

 

OptimumBank Holdings (Fort Lauderdale, Fla.) -- $4.6 million

 

Pacific Continental Corp. (Eugene, Ore.) -- $30 million

 

Provident New York Bancorp. (Montebello, N.Y.) -- Not disclosed

 

Riverside Bank (Poughkeepsie, N.Y.) -- $3 million

 

Skagit State Bancorp Inc. (Burlington, Wash.) -- $12 million

 

Smithtown Bancorp Inc. (Smithtown, N.Y.) -- $37.8 million

 

Solera National Bancorp Inc. (Lakewood, Colo.) -- Not disclosed

 

Southcoast Financial Corp. (Mt. Pleasant, S.C.) -- Not disclosed

 

Sussex Bancorp (Essex, N.J.) -- $9.99 million

 

S.Y. Bancorp Inc. (Louisville, Ky.) -- $43 million

 

Teche Holding Co. (Franklin, La.) -- Not disclosed

 

TF Financial Corp. (Newtown, Pa.) -- $12.6 million

 

United Bancshares Inc. (Washington DC and Charleston, W.Va.) --  $197.3 million

 

 

published March 6, 2009, 0 Comments

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