Most Oklahoma banks repay federal TARP money

Only one state bank that took federal bank support money in the wake of the 2008 financial crisis has failed to pay back what it owes. And that bank, SpiritBank of Bristow, has pledged to repay the $30 million.
by Don Mecoy Published: August 25, 2012
Advertisement
;

“We were always able to maintain a very significant amount of capital — well over the amount required to be viewed as well capitalized — even though we had experienced some pretty significant hurdles, particularly as it relates to commercial real estate.”

Congress initially allocated up to $700 billion to fund the TARP program, but only about $416 billion was disbursed, with most of that going to bank support programs.

A U.S. Treasury report issued this week said $359 billion of that total has been returned in repayments, dividends, revenue from the sale of stock warrants and other income.

The Treasury Department has recovered more than it invested in bank support programs through repayments, dividends, interest and other income.

The agency estimates the bank program investments will produce a $20 billion profit to taxpayers.

Nationally, there were 309 banks with outstanding investments in the Capital Purchase Program as of July 31. Texas, for instance, still had 11 banks in the program, led by the $176 million investment by Laredo-based International Bancshares Corp. that operates numerous IBC Bank branches in Oklahoma.

Three other Oklahoma banks, which each took comparatively small TARP investments in 2009, repaid the funds last year. Grand Capital Corp., of Tulsa, parent of Grand Bank, received $4 million; Regent Capital Corp., of Nowata, received $2.7 million; and AmeriBank Holding Co., of Collinsville, received $2.5 million.


by Don Mecoy
Business Editor
Business Editor Don Mecoy has covered business news for more than a decade after earlier working on The Oklahoman's city, state and metro news desks, including a stint as city editor. He has won state and regional journalism awards for business,...
+ show more


Trending Now


AROUND THE WEB

  1. 1
    Sex Valley: Tech's booming prostitution trade
  2. 2
    Colorado Is Consuming Way More Pot Than Anyone Ever Believed
  3. 3
    What Dan Gilbert said to LeBron James to get him to return to Cleveland
  4. 4
    Female Yahoo Exec Sued By a Female Employee for Sexual Harassment
  5. 5
    A company wants you to experiment on Facebook — by quitting
+ show more