Banks that have not taken U.S. government bailout money!

May 14, 2009 - I recently received an e-mail from the CEO of the bank that my wife and I use.  Of course, the e-mail was the same song and dance about why the bank is great and safe.  They listed all of their wonderful attributes, and they actually are doing quite well unlike most banks in America.  One point did catch my eye though.  The bank that I use has not taken a dime of taxpayers’ money.  They have not used any of the federal bailout programs.  They are standing on their own.  There is something to be said about that that no one is really talking about. 

Banks that have not taken bailout money are sound, secure, and have practiced safe lending practices all along.  They are well capitalized and have very little exposure to the sub-prime mess.  As of last count, there have been 555 banks in the United States that have required government money to continue operating.

A friend of mine from college is a middle manager for a small regional bank in the southeast.  And, I was quizzing him and raking him over the coals about whether or not the bank he worked for took TARP money.  And, his response was, “Of course we did.  Everyone did…well except The Palmetto Bank [in South Carolina], and they make sure everyone knows it too.”  And, right they should.  Bravo Palmetto Bank!  Bravo!  More banks should follow their lead. And, banks that have taken the money should hurry up and pay it back.

So, I thought that it would be interesting to list a few of the banks that have NOT taken government money, the Department of Treasury’s Capital Purchase Program (TCPP), and will not accept TARP funds, during this credit crisis.

• The Palmetto Bank (South Carolina)
• Bryn Mawr Bank Corp
• Rurban Financial Corp. (Defiance, Ohio)
• Access National Corp. (Reston, Virginia)
• American River Bancshares (Sacramento, Kalifornia)
• Ameriana Bancorp (New Castle, Indiana)
• Arrow Financial Corp. (Glens Falls, New York)
• Astoria Financial Corp (New York)
• Bank of the James Financial Group, Inc. (Lynchburg, Virginia)
• Bank of Napa (Florida)
• Beacon Federal Bancorp (East Syracuse, New York)
• Beverly National Corp. (Beverly, Massachusetts)
• Bridge Bancorp (Bridgehampton, New York)
• California United Bank (Encino, Kalifornia)
• Cardinal Financial Corp. (Tysons Corner, Virginia)
• Chemical Financial Corp. (Midland Michigan)
• CNB Financial Corp. (Clearfield, Pennsylvania)
• Community Bank of Wichita (Wichita, Kansas)
• Community Trust Bancorp Inc. (Pikeville, Kentucky)
• Connecticut River Community Bank (Wethersfield, Connecticut)
• Dime Community Bancshares Inc. (Brooklyn, New York)
• Eagle Financial Services Inc. (Berryville, Virginia)
• Enterprise Bancorp. Inc. (Lowell, Massachusetts)
• First Capital Inc. (Corydon, Indiana)
• Frederick County Bancorp Inc. (Frederick, Maryland)
• German American Bancorp (Jasper, Indiana)
• Glacier Bancorp Inc. (Kalispell, Montana)
• High Point Bank Corp. (High Point, North Carolina)
• Kansas State Bank (Manhattan, Kansas)
• Johnson Financial Group (Racine, Wisconsin)
• Landmark Bancorp Inc. (Manhattan, Kansas)
• Legacy Bancorp (Pittsfield, Massachusetts)
• Liberty Bancorp Inc. (Liberty, Missouri)
• LSB Financial Corp. (Lafayette, Indiana)
• Mechanics Bank (Richmond, Kalifornia)
• Merchants Banschares Inc. (South Burlington, Vermont)
• MidCarolina Financial Corp. (Burlington, North Carolina)
• NBT Bancorp Inc. (Norwich, New York)
• New York Community Bancorp Inc. (Westbury, New York)
• Northeast Indiana Bancorp. (Huntington, Indiana)
• Oak Financial Corp. (Byron Center, Michigan)
• OptimumBank Holdings (Fort Lauderdale, Florida)
• Pacific Continental Corp. (Eugene, Oregon)
• Provident New York Bancorp. (Montebello, New York)
• Riverside Bank (Poughkeepsie, New York)
• Skagit State Bancorp Inc. (Burlington, Washington)
• Smithtown Bancorp Inc. (Smithtown, New York)
• Solera National Bancorp Inc. (Lakewood, Colorado)
• Southcoast Financial Corp. (Mt. Pleasant, South Carolina)
• Sussex Bancorp (Essex, New Jersey)
• S.Y. Bancorp Inc. (Louisville, Kentucky)
• Teche Holding Co. (Franklin, Louisiana)
• TF Financial Corp. (Newtown, Pennsylvania)
• United Bancshares Inc. (Washington D.C. and Charleston, West Virginia)
• USAA Federal Savings Bank (San Antonio, Texas)

Some other banks readers have e-mailed me that have NOT taken government bailout money:

• Bank of Stockton (Kalifornia)
  
• Frost Bank (Texas)

Now of course this list is not all-inclusive.  I am quite sure that I missed a few.  Please contact or e-mail me if there are any banks that I have left off and should add to this list.