As I mentioned Monday, we’re hearing a lot of banks saying they’ve had it with TARP and they want to give back the money — only to hear oh … maybe they’ll get around to it in ten years or something. But now, courtesy of an article by Daniel Gross in Newsweek, finally we’ve got a bank that’s actually on the level with their gripes.
Give a hand to Iberia Bank of Lafayette, Louisiana. (Maybe Bobby had something to do with it?)
They got $90 million in TARP money in December. A couple weeks ago they decided they didn’t like the scrutiny and interference. So they’re paying it back with interest. And not when they get around to it. They say they’ll have it paid off by the end of March.
I got no beef with that.
Late Update: Damn that Paul Kiel! It seems that on Tuesday the aforesaid TPM alum found that another bank has gone ahead and done the right thing. TCF Financial is giving back its $361 million.
