On May 13, 2009, Secretary of the Treasury Tim Geithner told the Independent Community Bankers of America that Treasury plans to provide banks with total assets under $500 million an additional 6- month opportunity to apply for TARP, and raise the amount for which qualifying institutions can apply from 3% to 5% of risk-weighted assets. Mr. Geithner indicated that this opportunity will be available to public and private corporations, Subchapter S corporations, and mutual institutions. In addition, current TARP participants will be permitted to reapply, and will be given an expedited approval process.
According to Mr. Geithner, Treasury will also extend the deadline for small banks to form a holding company for the purposes of TARP.
The full text of Mr. Geithner's remarks to ICBA can be found at the following link: http://www.financialstability.gov/latest/tg127.html
"John Knight is the complete package when it comes to solid advice on all of the challenges and opportunities that our bank faces in today's volatile economy. John's background and experience are renowned. I have always found him to be steady in his demeanor and approach to problem solving and that is a big plus given the current regulatory environment for banking."
-- E. David Locke, Chairman and CEO of McFarland State Bank
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-- Rose Oswald Poels, President & CEO of the Wisconsin Bankers Association