Getting your player ready...
Lakewood-based FirstBank Holding Co. said Tuesday it won’t seek funds from the U.S. Treasury’s Capital Purchase Program, largely because it doesn’t need them.
The $250 billion program is designed to provide banks with money, but FirstBank said it has plenty of capital.
“This decision reflects FirstBank’s strong balance sheet and its continued ability to lend capital to creditworthy borrowers,” said the bank’s chief operating officer, Dave Baker. “After careful consideration, we determined that FirstBank does not need to participate in the program being offered by the U.S. Treasury.”
