Yet another bank has said "Thanks, but no thanks" to Troubled Asset Relief Program funds from the government. CFO.com reports Bank of Florida has withdrawn its application for TARP money.
CEO Michael McMullan says:
TARP has evolved and changed significantly since we submitted our application in late 2008. At that time, we understood the program to be targeted at healthy institutions that were in a position to help lead the economic recovery in their respective markets, instead of what is now perceived to be a government bailout of weaker financial institutions.
So withdrawing its application is in the best interest of Bank of Florida shareholders. McMullen says the bank will be in a better position for the long term if it remains independent of government money.
Other banks have made similar decisions in recent weeks: Goldman Sachs, Wells Fargo, Minnesota-based TCF Financial Corp and Louisiana's Iberiabank are just a few.