StellarOne (formerly Planters Bank in the valley area) made the announcement this week that it is seeking upwards of 30 million in bailout money. This move would involve transferring some amount of stock interest to the US Treasury.
The President of StellarOne stressed that the bank is “well-capitalized” but the presumption must be that the bank’s Board of Directors felt their situation is in some way precarious enough that they must hand over some portion of ownership to the Federal Government.
We’ve been told that local and regional banks are safer and stronger then their much larger national brethren, but its certainly disconcerting when they are making the same decisions to become business partners with the government.
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