Marv Balousek
Wisconsin State Journal
March 5, 2009
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Johnson Bank of Racine, which has three Madison branches, has decided not to accept $100 million in money from the U.S. Treasury Department’s Troubled Asset Relief Program.
Richard Hansen, president and chief executive of Johnson Financial Group, the bank’s parent company, said in a statement that accepting the money could compromise the privately owned bank’s mission and values.
"While in the short term those dollars are attractive to a growing company like ours, in the long term they would compromise the things we hold most dear, including the unique culture of our company," he said.
With net income of $19.8 million during the fourth quarter of 2008, Johnson Bank, which is owned by members of the Samuel C. Johnson family, was Wisconsin’s third most profitable bank. The bank operates in Wisconsin and Arizona.
Ten Wisconsin banks have received funds from TARP’s Capital Purchase Program and Park Bank of Madison also has been approved for the money.
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