Word: tarp
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...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...
...Wednesday that he would like to use some of the remaining money to support the ailing market for such consumer debts as credit cards and college loans, as well as to prevent foreclosures. That leaves a dwindling fund left for the hundreds of banks still hoping to get TARP funds. Analysts and investors are growing concerned that some banks will be left...
...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...
...Shares of Colonial had fallen as low as $1.44, plunging 46% in a week, on fears the firm wouldn't qualify for government assistance. On Thursday, though, the firm said it had applied to receive TARP funds. The company's shares rallied on the news to a recent $1.98. Colonial, based in Montgomery, Ala., is one of the nation's largest regional banks, with more than 340 branches in Alabama, Florida, Georgia, Nevada and Texas, and $16.8 billion in customers' deposits...