Fifty banks say no to TARP

German American Bancorp Inc. said this week it would turn down $25 million in taxpayer capital from the Treasury Department and raise funds through a private debt offering instead.

German American, of Jasper, Ind., joined roughly 50 other banks that were approved for aid through the $700 billion Troubled Asset Relief Program but have publicly opted out, saying they didn't need the money or objected to the restrictions that would come with it.

All told, those banks were approved for some $2 billion.

The banks renouncing TARP include institutions of all sizes, from all parts of the country. New York Community Bancorp Inc., of Westbury, N.Y., turned down $596 million, which would have made it one of the top 30 TARP recipients. Landmark Bancorp Inc., of Manhattan, Kan., declined $12 million in taxpayer capital. American River Bancshares, of Sacramento, Calif, turned down $6 million.

BailoutSleuth compiled its list of TARP decliners from press releases issued by the banks, from Securities and Exchange Commission filings and from news accounts.

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