More Bailed-Out Community Banks Failing to Pay U.S. Dividends[Barney Frank,Maxine Waters&Deadbeats]

A growing number of community banks that got federal bailouts are failing to pay quarterly dividends they owe to the government, including two banks that got aid after congressional intervention on their behalf, according to data released Monday by the Treasury Department.

Fifty-five banks failed to make dividend payments in November, a 67 percent jump over the number of delinquent banks three months earlier.

Fifteen banks failed to make the required payments in May, federal data show. The number climbed to 33 banks in August, and 55 banks failed to make the dividend payments due Nov. 17.

Many smaller banks focused their lending on real estate development in recent years, particularly in the suburbs of sprawling Sun Belt cities. The banks now are losing money as developers default on those loans.

OneUnited Bank in Massachusetts got aid after Rep. Barney Frank (D-Mass.) inserted language into the bailout bill that effectively directed Treasury to give the bank special consideration. Rep. Maxine Waters (D-Calif.) helped the bank, where husband held shares, by arranging a meeting between government officials and a group including OneUnited's chief executive. The bank got $12.1 million last December making one dividend payment missing payments for three straight quarters. It is not, however, required to make up missed payments.

On DeadBeat List:
Central Pacific Financial of Hawaii got aid after an inquiry about the status of its application by the office of Sen. Daniel K. Inouye (D-Hi.), one of the founders.

Hampton Roads Bankshares of Norfolk missed its first dividend payment in November on $80 million in aid it took from Treasury last December.

Maryland Financial Bank of Towson, got $1.2 million in March, and Rising Sun Bancorp in Rising Sun, Md., which got $6 million in January, missed dividend payments in November.

Eagle Bancorp of Bethesda, which got $38.2 million last December, said Monday that it would make a partial repayment of $15.1 million this week. The company's chief executive, Ron Paul, said the company had no "definitive plans" to repay the rest of the government's investment.

CIT Group (filed bankruptcy and wiped out its $2.3 billion in TARP debt), UCBH Holdings Inc. was seized by the FDIC (TARP lost $298.7 million), and Pacific Coast National Bank was also seized by the FDIC (TARP lost $4.1 million).

http://www.calculatedriskblog.com/:TARP Deadbeat List Grows to 55

All the large banks paid on the nail, all of the congress-critter's relatives' and friends' banks did not. But that's pennies - the real bath came in handouts to deadbeat homeowners in "mortgage modifications" and especially to the industry-wrecking crew that is the UAW. The treasury will lose $50 billion on the junk the congressmen added as supposedly more "populist" to Paulson's original proposal, while the stuff in that original proposal *earns* the treasury $10-20 billion.

Technocrats know what they are doing, elected goons are grandstanding idiots and screw up everything they touch. As usual.

Barney’s earmarked pet “Oneunited Bank” -

the “first black internet bank” - a bunch of deadbeats, well surprise surprise

https://www.oneunited.com/

Folks, we might as well just wire taxpayers’ money to Niegerian bank accounts

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