First Banks Skips 14th TARP Interest Payment

Photo courtesy of St. Louis Post-Dispatch

Clayton-based First Banks deferred making a dividend payment on its Troubled Asset Relief Program investment in November for the 14th time.

First Banks, the holding company for First Bank, owes the Treasury more than $56.3 million in unpaid dividends on a $295 million investment the Treasury made in the bank in 2008. Banks are allowed to defer making payments on the dividends, with interest accruing.

Read more in the St. Louis Post-Dispatch

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