Thursday, February 5, 2009

WSFS, Wilmington Trust, and Bancorp receive TARP funds

[h/t Liz Allen]

Go here for a raw list of every bank that has thus far received TARP funds. It's not alphabetized, and it doesn't give you any idea how much each bank received. UPDATE--later I found the list below with amounts.

It makes fascinating reading.

You'd think there would be somebody in the State aware of this, or maybe even--I don't know--a newspaper that would publish the fact that Wilmington Trust, WSFS, and Bancorp were taking the money.

The 31 January WNJ story documented the horrible condition of Wilmington Trust's accounts, but said nothing about the application for TARP funds, even though the bank applied for them on 12 December.

WSFS received $53 million, prior to 23 January. Did I miss the story?

From other sources I discover that The Bancorp received $45 million and Wilmington Trust got $330 million.

So that's $428 million to Delaware banks out of the $700 billion.

So far....


Brian Shields said...

What's funny is that a while back in the midst of banks dropping like dominos, I was worried about my accounts with Wilmington Trust. The bank had a 3 out of 5 star stability rating.

So.. if it wasn't really that troubled, then why was it approved for funding?

h. said...

Everyone likes free money !!!

Brian Miller said...

Most bank ratings are bunk due to "off balance sheet assets."

If your bank is "strong and well capitalized" according to its balance sheet, but has negative equity "off balance sheet" in sour derivatives trades, did it really earn that "five star" rating?

That's the problem with the entire financial system -- it's completely opaque. The books, accounting, ratings, and earnings reports are all completely without basis.

Brian Shields said...

Well, apparently WT isn't hurting. Even though it is Friday, and it is their busiest day, when i stopped in today they had all of their offices full, all of their teller lines open with the drive through fully staffed....

.. and they had a spare teller standing in the lobby to help direct people.

Like noone knows where to sit waiting for accounts, or where the line to deposit your check is.

Extra staff in lean bank times? Sure seems like WT really needed that TARP money.

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