Where the bank TARP money is going: Not around here
Yesterday we reported that Umpqua Bank in Portland took $214.2 million of TARP funds from the feds in exchange for preferred stock back on November 14. Alert readers wrote in to say that Umpqua may have essentially been forced to take the TARP money -- it hadn't asked for it, and Hank Paulson was hot for Umpqua to take it. Reports of other banks being pressured into taking TARP handouts are not hard to find.
Poking around a little further, we see that the banks' total take on deals like these, as of a week ago, was nearly $194.2 billion (not counting assorted tens of billions going to the auto manufacturers and special friends like AIG, Citigroup, and Bank of America). Leafing through the Treasury Department's many pages of transaction listings, it's hard to find much of that dough making its way to the Pacific Northwest. No doubt that's partly because we have so few serious financial institutions left in these parts any more, but still, when you add up the Oregon, Washington, and Idaho TARP money, it's chump change compared to what's being pumped into other markets. Here is what we've been able to cull from the list:
Date | Institution | City | Amount |
11/14/08 | Umpqua Holdings Corp. | Portland | $214,181,000 |
11/21/08 | Banner Corp. | Walla Walla | 124,000,000 |
11/21/08 | Cascade Financial Corp. | Everett | 38,970,000 |
11/21/08 | Columbia Banking System, Inc. | Tacoma | 76,898,000 |
11/21/08 | Heritage Financial Corp. | Olympia | 24,000,000 |
12/5/08 | Sterling Financial Corp. | Spokane | 303,000,000 |
12/12/08 | Pacific International Bancorp | Seattle | 6,500,000 |
12/19/08 | Intermountain Community Bancorp | Sandpoint | 27,000,000 |
12/23/08 | Capital Pacific Bancorp | Portland | 4,000,000 |
1/16/09 | Whidbey Island Bank | Oak Harbor | 26,380,000 |
1/16/09 | Syringa Bancorp | Boise | 8,000,000 |
1/16/09 | Idaho Bancorp | Boise | 6,900,000 |
1/23/09 | Pierce County Bancorp | Tacoma | 6,800,000 |
As of 1/23/09 | Total | Pacific NW | $866,629,000 |
Bottom line: Less than one-half of 1 percent of the TARP bank bailout dough spent so far has been invested in Pacific Northwest institutions.
Comments (9)
Seems to mirror the proportion of federal budget pork that comes our way, an issue our representatives need to work on. Contrast us with Alaska (or any red state) on the amount of pork per capita we receive... it's not fair, and it's not pretty.
Maybe some of the infrastructure stimulus can pay for much-needed Sellwood and I-5 bridge projects... aw, who am I kidding, there's probably a trillion-dollar bridge that needs to be built somewhere in remote Alaska.
Posted by TKrueg | February 3, 2009 8:57 AM
TKrueg, I heard an analyst comment that the Big Dig cost 22 billion and provided 5,000 jobs. Don't expect to see much of that 30 billiion over 2 yrs hear in the NW.
Posted by Darrin | February 3, 2009 9:55 AM
Hey. Umpqua was happy to loan some of that money to me to refinance my house at 4.75% - a significant savings from my 6.25% original loan. Shorter term, lower interest rate, lower payments. And we closed in less than 20 days.
Posted by mrfearless47 | February 3, 2009 10:14 AM
TARP funds are just to pad the pockets of the bank execs who made piss poor loan decisions. Small businesses like mine will never see a dime of it, and we are the ones who need it the most.
Posted by Fonzi | February 3, 2009 10:42 AM
The Whole World Is Rioting as the Economic Crisis Worsens -- Why Aren't We?, By Joshua Holland, AlterNet, February 3, 2009.
America Is Completely Broke, And Here We Are Funding Fantasy Wars at the Pentagon, By Chalmers Johnson, Tomdispatch.com, February 3, 2009.
The Post Office might cut off 1 day of every 6 days it delivers -- because it was $3 Billion short of funds last year. $3 Billion is ONE DAY of Military; less than 1 LIARS week in Iraq ... so BRING THEM HOME A WEEK EARLY. And save the Post Office.
Okay, it's a large effort to read the details of how our taxes plumped and paid the 60-year dictatorship build-up whose boot now squashes us and defiles life on Earth.
So simply cut to the chase: KNOW the ENEMY: Military ANYthing.
Always was. Is now. Will be until we stop it, drop the fear, and roll up the Pentagon.
---
Some say Deep Recession is coming.
Some say a Great Depression is coming.
I'm saying a Killing Oppression is coming.
And TOGETHER we can overcome and stop it.
(NOT by chickensh!t Blumenauer and Wyden, though, and probably NOT Merkley, yet unknown. Hint: STOP throwing money at it. Throw your lifetime at it.)
Posted by Tenskwatawa | February 3, 2009 5:29 PM
Gee, not a single credit union on the list, my, my. I hate banks, I hated them before this fiasco. I had to deal with a bank today, I had a large check made out to me that I took to the bank upon which it was written and asked if it was good and that I wanted to cash it. They tried to charge me $5 to cash it - my wife threw a FIT, I'm sure that the cops were almost called. These pigs, it's my money not theirs, it's written on their bank, the money was in the account, if I had deposited it at my credit union there would not have been a charge. I hate banks and it doesn't bother me when they fail. They are leeches in my opinion.
Posted by Native Oregonian | February 3, 2009 6:40 PM
How much TARP money was used to fund the bailout of WaMu aka the takeover by chase? That's a rather large PNW bank IIRC
Posted by named user | February 3, 2009 11:00 PM
Chase is not based in the Pacific Northwest. This listing goes by the home of the recipient, not the home of a failed target bank.
Posted by Jack Bog | February 3, 2009 11:32 PM
The e.g., 'creative class' of X-gen Christoph Niemann.
Posted by Tenskwatawa | February 4, 2009 4:42 PM