March 11th, 2009
11:08 AM ET
6 years ago

Banks: Take my TARP. Please!

Asset manager Northern Trust told members of Congress last month that it wanted to repay the $1.57 billion in government funds as quickly as prudently possible.
Asset manager Northern Trust told members of Congress last month that it wanted to repay the $1.57 billion in government funds as quickly as prudently possible.

NEW YORK (CNNMoney.com) - Taxpayers hate the bank bailout. Lawmakers too. And now it looks like some of the bailed out banks themselves are starting to get fed up with it as well.

Just weeks after Congress removed a key hurdle that prevented banks from paying back funds from the Troubled Asset Relief Program, or TARP, some banks are already queuing up with checks in hand.

So far, three banks have formally declared their intentions to pay back the government. Last month, Louisiana-based IberiaBank Corp. (IBKC) said it would return $90.6 million while TCF Financial (TCB), a bank headquartered just outside of Minneapolis announced last week it was returning $361.2 million.

On Tuesday, New York City-based Signature Bank (SBNY) became the latest, announcing at a conference it had filed notice with the Treasury Department to pay back $120 million in TARP funds.

This list doesn't include the dozens of institutions that were approved for government aid, but subsequently decided to turn down the money. New Jersey-based lender Sussex Bancorp (SBBX) added itself to that group after it withdrew from the program last week.

But even more banks are poised to return TARP money, including some of the nation's largest.

Full story


Filed under: TARP • Treasury
soundoff (84 Responses)
  1. Sniffit

    Well, everyone knows that $30,000 toilets take precedence over doing business in a manner that doesn't screw up the economy and screw over your customers.

    March 11, 2009 02:20 pm at 2:20 pm |
  2. Karen

    If they're giving it back, they don't really need it. They wanted it when there were no strings attached, but now that the new administration is attaching oversight to TARP funds ("strings"), now they don't want it. Fine.

    GIVE IT BACK.

    March 11, 2009 02:22 pm at 2:22 pm |
  3. Mari

    @ Reality King......... FYI: Bush left Obama a ........ONE TRILLION DOLLAR DEFICIT FOR FISCAL 2009.

    March 11, 2009 02:30 pm at 2:30 pm |
  4. Sniffit

    Their bluff was called the second Obama said he would start attaching conditions to the TARP money. Bush was able to get them their $350B payoff without conditions or supervision, but suddenly they don't NEED the other $350B to stay afloat once they find out they're going to have to actually behave themselves and stop hording America's wealth.

    March 11, 2009 02:31 pm at 2:31 pm |
  5. Leta

    This agreement should not keep the Federal Institution itself from being responsible for any money laundering, embezzeling or mortgage fraud that occured between banks and its account holders.....How are they to pay it back and why so quickly after requesting it and who are these masked men able to bail them out where did they come from do they hold a PIOLET's License and do they even live in YOUR STATE? or is this the BAND AID on the Jugler Vain that the FDIC needs to make it look better on the books.....Hillary's idea I'm sure......

    March 11, 2009 02:35 pm at 2:35 pm |
  6. anne

    Obama's plan to nationalize the banks? Where is that coming from? If he was going to nationalize the banks he would have done it by now instead of giving them more bailout money. Besides, I thought it was Greenspan that said we should nationalize and he is no longer working for the govt so why listen to him.

    March 11, 2009 02:38 pm at 2:38 pm |
  7. anne

    Obama's plan to nationalize the banks? Where is that coming from? If he was going to nationalize the banks he would have done it by now instead of giving them more bailout money. Besides, I thought it was Greenspan that said we should nationalize and he is no longer working for the govt so why listen to him.

    March 11, 2009 02:38 pm at 2:38 pm |
  8. Frank

    So....they were so dumb they're going under, and now they are so dumb they have the money, can't give it back quite yet, don't want to shoot straight, so make a bunch of noise about how crooked they want to keep on being, so they're "threatening" to return taxpayer money? How much do these guys get paid and where do I apply – I can be that stupid....

    March 11, 2009 02:39 pm at 2:39 pm |
  9. anne

    Obama's plan to nationalize the banks? Where is that coming from? If he was going to nationalize the banks he would have done it by now instead of giving them more bailout money. Besides, I thought it was Greenspan that said we should nationalize and he is no longer working for the govt so why listen to him.

    March 11, 2009 02:39 pm at 2:39 pm |
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