Commerce Bank rejects Treasury capital
Uncle Sam is offering cheap funding, but Commerce Bank says no thanks. The bank, the largest run from St. Louis, said today that it won’t apply for a capital injection from the the Treasury Department’s Troubled Asset Relief Program, or TARP.
“Commerce’s earnings, capital and liquidity are strong and sufficient to grow our business and take advantage of opportunities,” said CEO David Kemper. “The current banking and economic environment is historic and has understandably created a high degree of uncertainty. However, Commerce is well positioned to face this challenge.”
The Treasury if offering to buy preferred stock in banks across the nation, in order to enhance their financial stability and ability to lend. Today is the deadline for publicly-traded banks to apply.
I chose to stand with Mr. Kemper why should he losen his grip at all so the goverment can play it safe, his position is valid. Mr. Kemper you can’t lose if you don’t play the game.
Venus Lee
Emmaus,PA