Johnson Bank Refuses Handout
Johnson Bank has turned down a $100 million capital infusion from the U.S. Treasury, saying it doesn’t need the money and there are too many strings attached to taking it.
Top executives of Racine-based Johnson Bank, which with $5.7 billion in assets is the third-biggest bank based in Wisconsin, said Thursday that they weighed many factors – among them the overall financial costs of the capital and the public perception about receiving Troubled Asset Relief Program (TARP) capital - before deciding against it.
Russell C. Weyers, chief operating officer of Johnson Financial Group, said privately owned Johnson Bank is run with long-term financial goals and growth in mind, and taking TARP money might force it to alter how it operates.
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