Some banks opting out of bailout program

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While the list of banks participating in the federal bailout program continues to grow, a small number have reconsidered, concerned about what they perceive as hidden strings and potential government interference, The Associated Press reports.

About 20 banks so far that applied for or had been approved to receive about $1 billion combined in taxpayer money have reversed course in the past month and refused to take the money, according to The Associated Press.

“The government’s going to own a good portion of these banks,” David Heintzman, president of Stock Yards Bank & Trust in Louisville, Ky., told The AP. Heintzman’s bank recently turned down $43 million in approved bailout money.

In SC, a number of institution’s have received bailout money, including The South Financial Group, SCBT Financial Corp., Congaree Bancshares, Tidelands Bancshares, Security Federal Corp., First Financial Holdings and First Community Corp.

A complete list of institutions that are participating in the US Treasury Department’s Troubled Asset Relief Program can be found here.

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