Magazine : Archives : 2nd Quarter 2009
Fear of the Unknown
When Richmond, California-based Mechanics Bank announced in early January that it was accepting $60 million in government capital, board members thought they had a pretty good grasp on the pros and cons of taking the money. Two months of due diligence had exposed some serious questions, to be sure, but getting capital from the Treasury Department’s Troubled Asset Relief Program (TARP) looked like a relatively cheap and easy way to shore up the balance sheet and provide greater operating flexibility in a shaky economy. That, directors concluded, was worth exchanging some independence for. “We don’t know how deep and dark...
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