Local Banks Get Thrown Under The TARP

Remember when the TARP desperately needed to be put in place to rescue the financial system? It didn’t take long for all sorts of financial institutions whose failure posed no systemic threats to start complaining that it wasn’t fair to prop up just the big guys. What about all the little fellas who were being hurt by the credit crisis?

So somehow the TARP got transformed from an emergency measure into an entitlement for running a bank. Today the Treasury Department released the figures on which local banks got a piece of the $1.5 billion they handed out. It’s your money at work, lads and lasses. Oh, and now your government owns pieces of each of these banks.


Name of Institution

City and State

 Price Paid

Home Bancshares, Inc.

Conway, AR


Washington Banking Company/

Whidbey Island Bank

Oak Harbor, WA


New Hampshire Thrift Bancshares, Inc.

Newport, NH


Bar Harbor Bankshares/Bar Harbor Bank & Trust

Bar Harbor, ME


Somerset Hills Bancorp

Bernardsville, NJ


SCBT Financial Corporation

Columbia, SC


S&T Bancorp

Indiana, PA


ECB Bancorp, Inc./East Carolina Bank

Engelhard, NC


First BanCorp

San Juan, PR


Texas Capital Bancshares, Inc.

Dallas, TX


Yadkin Valley Financial Corporation

Elkin, NC


Carver Bancorp, Inc

New York, NY


Citizens & Northern Corporation

Wellsboro, PA


MainSource Financial Group, Inc.

Greensburg, IN


MetroCorp Bancshares, Inc.

Houston, TX


United Bancorp, Inc.

Tecumseh, MI


Old Second Bancorp, Inc.

Aurora, IL


Pulaski Financial Corp

Creve Coeur, MO


OceanFirst Financial Corp.

Toms River, NJ


Community 1st Bank

Roseville, CA


TCB Holding Company, Texas Community Bank

The Woodlands, TX


Centra Financial Holdings, Inc./Centra Bank, Inc.

Morgantown, WV


First Bankers Trustshares, Inc.

Quincy, IL


Pacific Coast National Bancorp

San Clemente, CA


Community Bank of the Bay

Oakland , CA


Redwood Capital Bancorp

Eureka, CA


Syringa Bancorp

Boise, ID


Idaho Bancorp

Boise, ID


Puget Sound Bank

Bellevue, WA


United Financial Banking Companies, Inc.

Vienna, VA


Dickinson Financial Corporation II

Kansas City, MO


The Baraboo Bancorporation

Baraboo, WI


Bank of Commerce

Charlotte, NC


State Bankshares, Inc.

Fargo, ND



Bismarck, ND


First Manitowoc Bancorp, Inc.

Manitowoc, WI


Southern Bancorp, Inc.

Arkadelphia, AR


Morrill Bancshares, Inc.

Merriam, KS


Treaty Oak Bancorp, Inc.

Austin, TX


NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.