BizTimes Milwaukee
March 5, 2009
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Racine-based Johnson Bank, part of Johnson Financial Group, has decided to decline participation in the U.S. Treasury's Troubled Asset Relief Program (TARP) after being notified the bank was authorized to receive as much as $100 million in federal funding last week.
"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," said Richard Hansen, president and chief executive officer of Johnson Financial Group. "You can't place a value on values."
A growing number of healthy banks are rejecting funds from the Treasury Department's $700 billion T.A.R.P. program, citing concerns over their ability to run their business as well as the government's restrictions on institutions that participate.
"We believe accepting funds would stand in the way of our mission, vision and values - the very things that have allowed our company to grow the last few decades," Hansen said. "Plus, we're able to sustain growth without the funds."
The privately owned financial services company is owned by members of the Samuel C. Johnson Family. The late Samuel Johnson's daughter, Helen Johnson Leipold, serves as chairman of Johnson Financial Group.
"One of the benefits of being a fifth-generation, family-owned company are the values that have guided and kept us strong through good times and bad. It's what our clients, associates have come to expect and simply can't be measured in dollars and cents," Hansen said.
Johnson Financial Group was recently recognized as #25 on Fortune magazine's 100 Best Places to Work in the country.
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