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It looks like we have a winner in that race to repay TARP funds. What's the prize? Wriggling free from all those strings attached to it.
And despite your initial reaction, it’s not Goldman Sachs [GS
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] or Morgan Stanley [MS
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]. Nope, CNBC’s Steve Liesman has confirmed that Louisiana based IberiaBank [IBKC
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] will be the first to return TARP funds.
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Late in 2008, IberiaBank took $90 million from the government in exchange for preferred stock through a program called Capital Purchase Program in which the Treasury directly invested in healthy banks to provide loan capital to stimulate the economy.
But the game changed recently when Senator Dodd added new restrictions to the money – as part of the stimulus package. Now any bank that takes TARP funds is subject to stringent pay restrictions
As a result, IbeariaBank is sending the bailout money back. “Thanks but no thanks,” says CEO Daryl Byrd, President & CEO IberiaBank. “The rules are changing and we’re concerned that it could put our company at a competitive disadvantage.”
“We are a healthy bank and well positioned from a risk perspective and that’s huge in this environment.”
Although the TARP might seem like cheap money Byrd tells us that's not the case when you do the accounting. "And the strings attached are pretty significant and growing every day."
And in late breaking news Michelle Caruso Cabrera tells the traders that Northern Trust [NTRS
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] will be the second bank to pay back TARP money.
Who will be number three?
“I think there are a number of banks that are positioned like us that can give the money bank, but sadly we’re probably in the minority,” concludes Byrd.
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Trader disclosure: On Feb. 27th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (DNA) Calls; Najarian Owns (DOW) Call Spread; Najarian Owns (FCX) Call Spread; Najarian Owns (GDX) & (GDX) Short Calls; Najarian Owns (GS) Call Spread; Najarian Owns (MSFT); Najarian Owns (MS) & (MS) Short Calls; Najarian Owns (MOS) Stock; Najarian Owns (V) & (V) Calls; Terranova Owns (OTS), (DIS), (FXC), (XBI), (BRCM), (WYNN), (INTC), (DELL), (JOYG); Terranova Owns (AMGN) & (AMGN) Puts; Terranova Owns (IBM) Call Spread; Macke Owns (MS), (GS), (SDS), (TM); Finerman's Firm Owns (MSFT), (RIG); Finerman's Firm Owns (DNA) & (DNA) Calls; Finerman's Firm Owns (BAC) Preferred; Finerman's Firm Owns (WFC) Preferred; Finerman's Firm Is Short (IYR), (IJR), (IWM), (MDY), (SPY), (USO)
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