Power Breakfast: First bank in Georgia repays TARP, whistleblowers, HOPE, Delta, Spa Sydell, Coke

Let’s end the week on some good news written by AJC reporter Scott Trubey.

An Atlanta community bank this week became the first in the state to repay Uncle Sam for aid it received during the depths of the financial crisis, Trubey writes.

The parent company of Georgia Commerce Bank has repurchased $9.1 million in preferred shares and warrants held by the federal government’s Troubled Asset Relief Program, Trubey reports.

The announcement is a jolt of good news for a beleaguered state banking industry better known the past few years for leading the nation in bank failures, Trubey writes.

Georgia Commerce used the funds it received in February 2009 not as a bailout to fill holes in its balance sheet, but to make new loans, bank Chairman and CEO Mark Tipton said.

“We grew our loans 13 percent from the moment we got TARP to Wednesday, when we paid it off,” he said.

Also in the AJC:

In other media:

- Henry Unger, The Biz Beat

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One comment Add your comment

TnGelding

February 18th, 2011
7:24 am

Good for it. A bank that actually makes loans. How novel. And the House GOP wants to shut TARP down. Do they have a clue as to how our economy works? If low taxes and deregulation were the answers we’d be experiencing better times.

The stock bonus is obscene and the muni investigation could get interesting. How high does the debt have to get before the tax-free status is rescinded?