Independent Bank Corp, the parent of Rockland Trust, has announced that it will repay the money offered to it by the US Department of the Treasury.
A relatively small player in the grand scheme of financial institutions, Independent Bank Corp lays claim to around $4.6 billion in assets, according to a Boston Globe report.
However, despite the modest size of the company, the bank is handing back the $78 million lent to it by the Treasury.
Christopher Oddleifson, Independent's chief executive, said: "Banking
regulators urged healthy banks to participate in the Capital Purchase Program to help the nation's economy."
But considering the bank was already in credit when the financial crisis hit, the hassle involved with accepting the extra cash - not to mention the stigma attached to it - proved to be more than it was worth.
Although there would have been little coverage reporting Independent taking the loan, the decision by the bank to give it back would most certainly gain the bank column inches.
Considering financial institutions aren't renowned for giving away money unless they have to, any such company doing just that will be sure to attract hot media interest.
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