The Charlotte Business Journal is reporting that Yadkin Valley Financial Corp. is asking for more bailout money from the U.S. Treasury’s Troubled Asset Relief Program (aka. TARP).
Based in Elkin, N.C., the bank has already received $36 million from TARP and now they want $13 million more.
In their defense, bank officials say the $13 million was requested by the bank they gobbled up earlier this year, Charlotte’s American Community Bancshares Inc.
Yadkin Valley CEO, Bill Long, told the CBJ, “We intend to pay it back within the five-year term, but we don’t have a timeline already in place. We’re waiting because nobody knows how long this recession will play out.”
This article appears in Jun 23-30, 2009.
