News, analysis and personal reflections on the markets & the financial sector

Wednesday, April 1, 2009

4 banks become first to repay government aid

Signature Bank of New York, Indiana's Old National Bancorp, Louisiana's IberiaBank and California's Bank of Marin were the first to repay the Treasury for the government's emergency assistance. Signature Bank of New York, which returned $120 million, said it wants to avoid restrictions that might prevent it from retaining top employees. "The return of these funds allows us to continue to execute our business model," CEO Joseph J. DePaolo said.

more at
http://www.washingtonpost.com/wp-dyn/content/article/2009/03/31/AR2009033102187.html

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