TITLE

Calif. Bank's Payout Plan Confronts Tarp Obstacle

AUTHOR(S)
Fajt, Marissa
PUB. DATE
January 2009
SOURCE
American Banker;1/8/2009, Vol. 174 Issue 5, p5
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article focuses on how Mechanics Bank in Richmond, California, is challenging rules set forth in the Troubled Asset Relief Program (TARP). Mechanics was approved for $60 million from the U.S. Treasury, and has asked permission to issue a fifth dividend for 2008. Under TARP, banks are not allowed to pay more than four dividends a year unless they receive special permission.
ACCESSION #
36502705

 

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