deziloooooo
Senior Associate
Joined: Dec 20, 2010 16:22:04 GMT -5
Posts: 10,723
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Post by deziloooooo on Jul 1, 2011 22:05:53 GMT -5
Found this one in a mis posted site..but still , a nice story..possible there are many more like it, we just aren't getting it on the national news.. ------------------------------------------------------- www.desmoinesregister.com/article/20110630/BUSINESS/106300328/1003/------------------------------------------------------- ADVERTISEMENTWest Bank pays back its federal bailout money 12:26 AM, Jun. 30, 2011 | Comments Written by ADAM BELZ West Bank has paid off the bailout money it received from the federal government during the financial crisis. "The West Des Moines bank's holding company announced Wednesday that it had paid back the $36 million it received through the Troubled Asset Relief Program. The sixth-largest Iowa-based bank in the state by assets, West Bank has been on a steady climb since hitting bottom and losing $13.3 million in the second quarter of 2009. It earned $4.7 million in the first quarter of 2011, and has shrunk its total assets over the past year. The bank now has a strong core capital ratio - 11.9 percent - enabling it to pay back the U.S. Treasury. The core capital ratio represents a bank's cushion against losses, and 10 percent is considered strong. "It's certainly a validation that our capital position is strong," said Dave Nelson, CEO of West Bancorporation, the holding company. "It's also a validation of our strength and a point of pride to be able to do it without selling any additional stock or borrowing any money." The bank has built up capital as it cleaned bad loans off the books and started making more profit, but its capital ratio was also boosted when SmartyPig moved its deposits to regional banking giant BBVA Compass in 2010. "SmartyPig essentially outgrew us and they moved those deposits to another institution," Nelson said. West Bank was one of nine Iowa banks that participated in the Capital Repurchase Program. It had to pay a 5 percent dividend to the federal government - $450,000 each quarter. That expense is now off the books." |
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