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Article: Most Mass. banks are keeping bailout funds ; Money is being used as planned: to make loans
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- September 2, 2009
- Author:
CopyrightCopyright 2009 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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Most of the 10 Bay State banks that received funding under the
federal government's bailout of the financial industry are keeping
the money so far, despite financial industry complaints of a stigma
associated with the program.
So far only three of the institutions have returned funds awarded
under the Troubled Asset Relief Program. And one bank that in the
spring had said it would return its award because of negative
publicity is holding on to the money instead.
LSB Corp., which operates as River Bank of North Andover, said it
will use the $15 million as a cushion.
Meanwhile, several recipients said they are using the funds for
the intended purposes: lending in the community. Leader Bancorp ...