Thu, Nov 26 2009
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Some area banks don't want fed's help “We have followed a philosophy for years and years,” he said. “Nobody wins if you loan money to people who don’t have a reasonable chance of paying the bank.”
Garry Denney, chairman and chief executive officer of Southwest Missouri Bank, said it also opted out of the federal assistance. “We do not intend to participate,” he said. “We simply do not need it. “They do it in the form of a capital injection by purchasing ownership. That just doesn’t sound a desirable thing to us. I mean that in a business sense, not in any kind of personal sense. “We’re an independent bank, and it would strain that label a little bit if you invited the government in as part owner of your bank.” Denney told his board that he feared that allowing the government to buy shares in the bank would be the camel’s nose under the tent. David Kemper, Commerce Bancshares chairman and chief executive officer, said in a statement: “While we think it is good for our industry and the economy, we have made a business decision not to seek the federal CPP (Capital Purchase Program) funds. Commerce’s earnings, capital and liquidity are strong and sufficient to grow our business and take advantage of new opportunities.” Kevin Sabin, president and chief operating officer of Arvest, said in a statement: “Arvest has sufficient capital needed to fund expansion and to support the borrowing needs of our customers. “The trade territories in which we operate have avoided the worst of the real estate issues experienced elsewhere, and we are optimistic these markets will continue to have healthy local economies.” But several other banks with a strong presence in the region are opting for the money. U.S. Bancorp (U.S. Bank) announced last month that it had received approval for the sale of $6.6 billion of its preferred stock to the U.S. Treasury as part of the program. U.S. Bank is a major bank operating in more than half the states in the country. Although it is taking advantage of the CPP, Steve Dale, spokesman for the bank, said that should not be interpreted as any indication that the bank is in trouble. “We’re strong,” he said. “We’re stable. We’re sound.” He said the money available through the Capital Purchase Program will allow for increased lending and investment to stimulate the economy. Great Southern Bancorp said last week that it has received preliminary approval for an investment of about $60 million. 
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