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Community Banks Go For TARP
Posted on December 1st, 2008 No commentsBack in October, a survey by financial services firm Banc Investment Group showed that 66 percent of the community banks responding were unlikely to participate in or strongly opposed the idea of accepting Troubled Assets Relief Program capital. Just 8 percent said they’d take the money. In a survey completed in late November, 56 percent said they would apply for the program, and 3 percent had been approved, according to U.S. Banker.
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U.S. Bank Poised for Growth
Posted on December 1st, 2008 No commentsRichard Davis, CEO of Minneapolis-based U.S. Bancorp says he refused to underwrite or securitize subprime credit created by mortgage brokers and underwriters that was often packaged with debt and exotic financial instruments. Davis says he supports FDIC Chairwoman Sheila Bair’s plan for $25 billion to help homeowners, the Minneapolis Star-Tribune reported, and he’s looking for acquisitions throughout U.S. Bank’s 24-state territory and beyond.
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Recession Official – and Not Over Yet
Posted on December 1st, 2008 No commentsThe nonprofit National Bureau of Economic Research has pegged the start of the recession to a year ago, which already makes it longer than the 10-month average of recessions since the end of World War II. Precisely when a rebound will occur is difficult for economists to say, but many now forecast an upturn for roughly the middle of next year, the Milwaukee Journal Sentinel wrote.
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DFI Leader on Venture Capital
Posted on December 1st, 2008 No commentsWisconsin Department of Financial Institutions Secretary Lorrie Keating Heinemann have proposed setting aside a portion of each securities fee paid by investment brokers as a way to connect companies with capital, according to a Wisconsin Technology Network story.