New York Community Bancorp Inc. has declined $596 million in taxpayer capital it was chosen to receive through the Treasury Department's Troubled Asset Relief Program.
"We believe that our current capital position is sufficient to support the communities we serve and to enhance shareholder value by growing our assets, our franchise, and our earnings capacity,'' Chairman Joseph R. Ficalora said in a press release.
The company, based in
The program calls for the banks to sell preferred stock to the government.
Another banking company that was authorized to receive $30 million said it also had opted out. Pacific Continental Corp., of
Meanwhile, Anchor BanCorp Wisconsin Inc., said it had been approved for $110 million in taxpayer capital. Anchor posted a loss of $23.3 million in the quarter that ended Sept. 30, 2008, compared with a profit of $9.3 million a year earlier.
It said its loan-loss provisions for the quarter were $47 million, versus $2.1 million a year earlier, primarily because of troubled real estate loans. Anchor is Wisconsin's largest thrift. It said its net loss for the first half of its fiscal year totaled $17.8 million, versus a profit of $19.2 million a year earlier.
Sun Bancorp Inc., of
Two more banks also said this week they were turning down TARP money.
CNB Financial Corp., based in
Another company called CNB Financial Corp., this one in Worcester, Mass., was previously approved for $7 million in TARP money.
About time somebody has the cajones to say no.
Has anybody ever actually took a look at the income statements and balance sheets of the companies getting the bailouts.
I finally got a chance the other day and I wrote this article about it
http://keepamericaatwork.com/?p=793
Pitiful is all I am going to say about what our government is doing to the whole country dangling carrots in front of businesses that shouldnt be in business so that we can watch them at a later date go under after we have no more money to bail them out yet again.
Pitiful,
Virgil
http://www.KeepAmericaAtWork.com