Summary
[...] Ackmann was leery of the strings that might be attached to a capital infusion from the federal government, which has been pushing a $700-billion bailout plan designed to lift the economy's deepening gloom In early November, Fidelity Deposit was weighing whether to take part in one part of the plan: the so-called Capital Purchase Program. "Many of our members feel that there's not enough clarity of purpose to the program and they're not exactly sure that they know what they'll be getting into if they decide to participate," said Peter Garuccio, a spokesman for the American Bankers Association, a trade group in Washington, D.C. The uncertainty didn't deter Fulton Financial Corp., a Lancaster-based bank whose affiliates include FNB Bank in Danville and Swineford National Bank in Middleburg.
See the full content of this document
Extract
Local Banks Mull Taking Bailout Funds
The price was right for Steven C. Ackmann, president and chief executive officer of Fidelity Deposit & Discount Bank, a Dunmore-based bank with $580 million in assets and 12 branches in Lackawanna and Luzerne counties.
But Ackmann...See the full content of this document
Sponsored links
