BEHIND THE MONEY: The First Bank to Pay Back the Taxpayer (And It's Not Morgan Stanley or Goldman)
On a day when the government makes its third attempt at saving Citigroup with taxpayer money, comes a great little story from a bank born not on Wall Street, but the Bayou.
IberiaBank, a Lafayette, Louisiana-based regional bank, will become the first firm to return the TARP funds. The bank said in a statement that it has filed notice with the Treasury to redeem all 90,000 shares of the preferred stock it sold to the government late last year.
CNBC's Steve Liesman just confirmed from the Treasury that IberiaBank will in fact be the first firm to make such a move. The Treasury said this is exactly how the TARP should work, according to Liesman.
As the biggies atop the banking industry continued to flounder this year and Congress put in more stringent executive pay caps, we noted on Thursday February 12th that the race to be the first to say 'we can go it alone' was surely going to heat up.
To find out how the bank did it, watch Fast Money tonight when CEO Daryl Byrd joins us to tell his story.
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