Word: bankes
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Dates: during 2000-2009
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...Treasury Department's efforts to stabilize the financial system may push a number of banks out of business. In the past few weeks, as many as 67 financial firms have received a portion of the $700 billion bailout approved by Congress. But absent from the list of companies approved for the government's Troubled Asset Relief Program (TARP) are a handful of midsize banks, which rank among the 50 largest in the nation by the Federal Reserve. And that has a number of analysts and investors who follow these companies worried. "It's a case of be careful what...
...Analysts are concerned that the vote of no confidence from the government would cause consumers to flee the banks, taking deposits and forcing the firms to liquidate or be sold. Among the nation's largest banks that have not yet announced they have been approved for the government's TARP assistance are Synovus Financial Corp, M&T Bank, New York Community Bancorp, Colonial Bancgroup and the South Financial Group...
...bank has not received TARP funds, it means one of two things," says Michael Levine, a portfolio manager at OppenheimerFunds. "Either you are strong enough that you don't need the funds, or, two, you are screwed...
...Banks still have time to be approved for the TARP program. Applications for the program are officially not due until Nov. 14. And the Treasury Department has confirmed only a few of its investments. Moreover, taking government funds will force the firms to restrict executive compensation as well as make it tougher for them to increase their stock dividend. So some banks may pass. On Wednesday, officials of the Bank of Oklahoma said they would not tap the TARP program, adding that the bank was well capitalized...
...There are a handful of midsize banks that a lot of investors feel like we should have heard from by now about TARP," says Kevin Fitzsimmons, a bank analyst at investment firm Sandler O'Neill. "But we haven't, and there is a growing sense of unease about...