Chicago Tribune
March 5, 2009
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RACINE, Wis. - Racine-based Johnson Bank says it's turning down $100 million in government bailout funds, saying the accompanying restrictions would interfere with its values.
Johnson Bank is part of Johnson Financial Group, which has $5.7 billion in assets.
In a statement released Thursday, the company said it won't accept the money, which is part of the U.S. Treasury's Troubled Asset Relief Program.
Conditions of accepting the money include restrictions on executive cash bonuses and incentives.
The statement quotes two Johnson Financial Group executives as saying that accepting the funds would compromise the company's values.
They say the company is healthy and doesn't need the restrictions designed for troubled banks.
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