The small banks are indeed bearing the brunt of the disaster the big banks created. Park National was one of the outstanding community banks in Chicago. But the FDIC took it over because it was a mere week late in obtaining funds to recapitalize after it was left out of the TARP windfall. Of course, since the federal financial regulators caused this mess, it’s not surprising that the same day that the FDIC took Park National over, the Treasury Department awarded it $50 billion in tax credits. Read more at http://www.theshriverbrief.org.
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The small banks are indeed bearing the brunt of the disaster the big banks created. Park National was one of the outstanding community banks in Chicago. But the FDIC took it over because it was a mere week late in obtaining funds to recapitalize after it was left out of the TARP windfall. Of course, since the federal financial regulators caused this mess, it’s not surprising that the same day that the FDIC took Park National over, the Treasury Department awarded it $50 billion in tax credits. Read more at http://www.theshriverbrief.org.