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BUSINESS
July 6, 2012 | E. Scott Reckard
Nearly four years after Washington bailed out Wall Street, small banks have yet to repay $11 billion of taxpayer money. Uncle Sam wants out and is threatening to unload its stakes in the banks at big discounts to new investors. Many of the 324 institutions, mostly tiny community banks and niche players, wonder whether they'll be able to stay in business. Some stragglers would become financially unstable if they repaid their part of the $245 billion doled out during the financial crisis by the Treasury Department's Troubled Asset Relief Program.
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BUSINESS
July 6, 2012 | E. Scott Reckard
Nearly four years after Washington bailed out Wall Street, small banks have yet to repay $11 billion of taxpayer money. Uncle Sam wants out and is threatening to unload its stakes in the banks at big discounts to new investors. Many of the 324 institutions, mostly tiny community banks and niche players, wonder whether they'll be able to stay in business. Some stragglers would become financially unstable if they repaid their part of the $245 billion doled out during the financial crisis by the Treasury Department's Troubled Asset Relief Program.
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BUSINESS
October 29, 2008 | E. Scott Reckard, Reckard is a Times staff writer.
Proving size is no obstacle when the government wants to stimulate lending, a one-branch bank in Orange County's Little Saigon has obtained a $1.2-million investment from the U.S. Treasury Department. Saigon National Bank will use the capital for small-business lending, much of it commercial real estate loans, bank President John J. Kennedy said Tuesday.
BUSINESS
November 6, 2010 | By E. Scott Reckard, Los Angeles Times
First Vietnamese American Bank in Orange County was shut down by regulators Friday night, five years after opening as the first U.S. bank with a core clientele of Vietnamese immigrants. The seizure in the Little Saigon neighborhood of Westminster brought the number of failed banks nationwide this year to 143, surpassing the 140 recorded last year and marking the most since the recession year of 1992, when the savings and loan debacle was winding down. The 2010 total includes three other banks that went under Friday: Western Commercial Bank, a small-business lender in Woodland Hills, and community banks in Tacoma, Wash.
BUSINESS
December 31, 2010 | By E. Scott Reckard, Los Angeles Times
Pasadena's East West Bancorp Inc. has repaid its more than $300-million slice of bailout funds from the U.S. Treasury, but several smaller Southern California banks are struggling even to make dividend payments on their investments from Uncle Sam. East West, the largest bank focused on the Chinese American market, said Wednesday that it used available cash to return the $306.5 million in preferred stock that the Treasury Department had purchased at the height of the financial crisis, along with a final quarterly dividend of $1.8 million.
BUSINESS
April 26, 2012 | By Jim Puzzanghera, Los Angeles Times
WASHINGTON — The government's watchdog for the $700-billion Troubled Asset Relief Program disputed suggestions the bailout fund would turn a profit for taxpayers and warned that many small banks are still struggling to repay. "It is a widely held misconception that TARP will make a profit," said a report by Christy Romero, the special inspector general for TARP. The Obama administration has said TARP has turned a profit on about $205 billion injected into banks, but still projects losses for the entire fund.
BUSINESS
April 25, 2012 | By Jim Puzzanghera
WASHINGTON -- The government's watchdog for the $700-billion Troubled Asset Relief Program on Wednesday disputed suggestions the bailout fund would turn a profit for taxpayers, and warned that many small banks are still struggling to repay. "It is a widely held misconception that TARP will make a profit," said a report by Christy Romero, the special inspector general for the TARP program, known as SIGTARP. The Obama administration has said TARP has turned a profit on about $205 billion injected into banks, but still projects losses for the entire fund.
BUSINESS
July 6, 2012
A list of Southern California banks that as of June 6 had not repaid all funds from the U.S. Treasury's Troubled Asset Relief Program, with missed quarterly dividend payments. Cathay General Bancorp (Cathay Bank) Headquarters: Los Angeles Assets: $10.6 billion Received: $258 million Dec. 5, 2008 Missed payments: None Status: Expects bank regulators to approve full repayment this year Comment: Chief Financial Officer Heng Chen: "We think our capital ratios are strong enough to repay.
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