TARP Funds in OK
According to the latest U.S. Treasury Department information, only one Oklahoma bank has taken money from the Troubled Asset Relief Program (otherwise known as TARP, or the financial industry bail-out plan passed by Congress last fall).
Southwest Bancorp, Inc., the publicly-traded parent of Stillwater National Bank, took $70 million in December, according to Treasury.
The company reported last month that its fourth-quarter earnings fell to $3 million, compared to $4.5 million in the fourth quarter of 2007.
The company’s CEO blamed the performance on the current economic conditions.
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