Two banks get TARP funds, two more decline

Two more banks said they were approved for taxpayer capital through the Treasury Department's $700 billion Troubled Asset Relief Program.

Meanwhile, two other banks announced that they were declining their allotments of government money.

Trinity Capital Corp., the owner of Los Alamos National Bank in Los Alamos, N.M., said it sold $35.5 million in preferred stock to the Treasury Department.

Trinity Capital was the first company in New Mexico to get TARP funds. That leaves just three other states - Alaska, Montana and Vermont - without a bank or other business in the program.

SpirtBank, based in Tulsa, Okla., said it got $30 million in taxpayer capital through TARP. The bank has $1.25 billion in assets and operates 17 branches across Oklahoma.

Albert C. "Kell" Kelly Jr., SpiritBank's chief executive, said the bank saw participation in TARP as an opportunity to help Oklahomans and help foster the state's entrepreneurial spirit.

"Because of SpiritBank's track record of involvement in communities throughout the state, we feel there's no one better suited to take on this responsibility and get this money into the hands of creditworthy Oklahoma individuals and businesses,'' he said in a statement.

First Business Financial Services Inc., of Madison, Wis., announced that its board of directors had decided to decline the $27 million in TARP funds for which it was recently approved.

The company cited the cost of participating in the program, as well as the  potential long-term impact on its shares.

Rockport National Bancorp Inc., of Rockport, Mass., said it also was opting out of TARP. It had been approved for $3 million in taxpayer capital in January but hadn't completed the deal.

More than 50 banks that were approved for TARP funds have decided against taking the money.