Treasury Department Announces $14 Billion in TARP Funds to More Than 40 “Local” Banks

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