Tompkins Financial won’t seek government funding
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- November
- 14
Uncle Sam has taken investment stakes in numerous banks around the country as part of a $700 billion financial rescue package intended to help improve the outlook for troubled institutions and alleviate the global financial crisis.
But one bank with local branches and $2.7 billion in assets is saying no thanks to the government assistance.
Tompkins Financial Corp. of Ithaca, the parent of Mahopac National Bank, said that it will not apply to access funds through the Treasury Department’s Capital Purchase Program because the bank is well capitalized. Mahopac National Bank has 14 branches and one limited-service office in Westchester, Putnam and Dutchess counties.
“As a result of our strong financial condition, we are not currently in need of capital, unlike many other financial institutions,” Chief Executive Officer Stephen S. Romaine said in a written statement. “Further, we believe that our financial strength provides us with access to capital through more traditional private sector alternatives that we feel would offer a better long term value to our shareholders.”
This entry was posted
on Friday, November 14th, 2008 at 1:28 pm by Jay Loomis.
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Category: Banking
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