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Won't take bailout funds, United Bank announces.

United Bank of Springdale said last week that it would not participate in the U.S. Treasury Department's Capital Purchase Program.

"While we applaud the efforts of the Treasury to deal with the current instability in the financial markets, United Bank and its holding company, United Holding Co. Inc., have more than sufficient capital needed to fund expansion and support the borrowing needs of our customers," John Scott, president and CEO of United Bank, said in a news release.

Scott said the bank's balance sheet and capital exceed federal standards of being "well capitalized."

Several Arkansas banks--including Signature Bank of Arkansas and Rogers Bancshares Inc., the private holding company for Metropolitan National Bank of Little Rock--have said they will participate in the Troubled Asset Relief Program Capital Purchase Program, which is part of last fall's congressional "bailout" of the financial services industry.

As of Sept. 30, United Bank had total assets of $192.4 million.

--Northwest Arkansas Business Journal staff
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Title Annotation:NW Journal: A Look at News From Northwest Arkansas
Publication:Arkansas Business
Date:Feb 9, 2009
Words:160
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