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Local Bank Has Extra Mortgage Funds

March 4, 2009

The Florida Parishes Bank received a $3.24 million in TARP funds in January.  The TARP fund came to the bank through the Capital Purchasing Program.  This allows banks with financial strength to participate in the program.  The TARP funds are used to help banks free up monies for credit.  The TARP funds were leveraged, which resulted in an additional $35 million for lending purposes.  The extra funds will allow the bank to be more flexible in its lending guidelines.  Florida Parishes Bank President, Ronnie Fugarino, stated that the last few months have been some of the best ever for mortgage loans.
 
Currently, Florida Parishes Bank is the only local bank to receive the funding.  One of the reasons for this is that the bank is willing to accept the terms on which the money is lent to the bank.  Some banks are reluctant to accept the funds because the rules and restrictions of the program have undergone several changes.  All TARP funds must be eventually paid back to the US Treasury.

Please feed free to contact me if you have any questions or visit my website for more information about Tangi Properties.

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