TARP boosts Landmark credit line
July 6, 2009
By MoneyAisle
According to the Columbia Tribune, the holding company of Landmark Bank, The Landrum Co., will receive $15 million from the U.S. Department of the Treasury’s Capital Purchase Program.
“Part of the Troubled Asset Relief Program, the Capital Purchase Program was created in October amid the credit crisis and was intended to bolster the balance sheets of healthy banks so they would boost lending to families, businesses, and each other.”
Landmark will receive the money as preferred stock. The bank will have to pay a 5% annual dividend to the government for five years, followed by a 9% dividend every year after.