Continuing the “bailout,” the Treasury Department has just announced the release of $14.77 billion in TARP funds to what it refers to as 43 “local” banks (listed below).
“Local” may be a misnomer, as the list includes $10 billion to Bank of America Corp., and more than $3 billion to American Express Company.
Let’s hope that Congress and the Treasury Department make good on the promise to protect these taxpayer funds through effective oversight, meaningful restrictions, and whistleblower protections, and that Sen. Grassley’s prediction that the qui tam whistleblower provisions of the False Claims Act will be used vigorously to redress any fraud or abuse with TARP funds comes true.
- Below are today’s announced recipients of the funds:
- Bank of America Corporation Charlotte NC $10,000,000,000
- FirstMerit Corporation Akron OH $125,000,000
- Farmers Capital Bank Corporation Frankfort KY $30,000,000
- Peapack-Gladstone Financial Corporation Gladstone NJ $28,685,000
- Commerce National Bank Newport Beach CA $5,000,000
- The First Bancorp, Inc. Damariscotta ME $25,000,000
- Sun Bancorp, Inc. Vineland NJ $89,310,000
- Crescent Financial Corporation Cary NC $24,900,000
- American Express Company New York NY $3,388,890,000
- Central Pacific Financial Corp. Honolulu HI $135,000,000
- Centrue Financial Corporation St. Louis MO $32,668,000
- Eastern Virginia Bankshares, Inc. Tappahannock VA $24,000,000
- Colony Bankcorp, Inc. Fitzgerald GA $28,000,000
- Independent Bank Corp. Rockland MA $78,158,000
- Cadence Financial Corporation Starkville MS $44,000,000
- LCNB Corp. Lebanon OH $13,400,000
- Center Bancorp, Inc. Union NJ $10,000,000
- F.N.B. Corporation Hermitage PA $100,000,000
- C&F Financial Corporation West Point VA $20,000,000
- North Central Bancshares, Inc. Fort Dodge IA $10,200,000
- Carolina Bank Holdings, Inc. Greensboro NC $16,000,000
- First Bancorp Troy NC $65,000,000
- First Financial Service Corporation Elizabethtown KY $20,000,000
- Codorus Valley Bancorp, Inc. York PA $16,500,000
- MidSouth Bancorp, Inc. Lafayette LA $20,000,000
- First Security Group, Inc. Chattanooga TN $33,000,000
- Shore Bancshares, Inc. Easton MD $25,000,000
- The Queensborough Company Louisville GA $12,000,000
- American State Bancshares, Inc. Great Bend KS $6,000,000
- Security California Bancorp Riverside CA $6,815,000
- Security Business Bancorp San Diego CA $5,803,000
- Sound Banking Company Morehead City NC $3,070,000
- Mission Community Bancorp San Luis Obispo CA $5,116,000
- Redwood Financial Inc. Redwood Falls MN $2,995,000
- Surrey Bancorp Mount Airy NC $2,000,000
- Independence Bank East Greenwich RI $1,065,000
- Valley Community Bank Pleasanton CA $5,500,000
- Rising Sun Bancorp Rising Sun MD $5,983,000
- Community Trust Financial Corporation Ruston LA $24,000,000
- GrandSouth Bancorporation Greenville SC $9,000,000
- Texas National Bancorporation Jacksonville TX $3,981,000
- Congaree Bancshares, Inc. Cayce SC $3,285,000
- New York Private Bank & Trust Corporation New York NY $267,274,000