Tuesday, November 18, 2008
Danversbank says "no thanks" to bailout cash
Boston Business Journal - by Tim McLaughlin
Danversbank said it will not take any bailout money from the federal government.
“...Quite frankly, we don’t need to (participate),” Danversbank CEO Kevin Bottomley said in a statement.
It’s likely many community banks in Massachusetts will pass on a bailout program that initially was designed to help Wall Street and large national banks loaded with troubled mortgage-related assets.
Danversbank said it has plenty of capital after an initial public offering in January. Its total risk-based capital ratio was 22.98 percent at the end of September. That is nearly 2.5 times the required level of 10 percent to be considered a well capitalized bank by FDIC standards.
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