Banks are already paying back their bailout funding, although it’s apparently not widely reported news. Among those disengaging from the feds are TCF Financial Corp. (TCB), FirstMerit Corp. (FMER), Independent Bank Corp. ( INDB), and First ULB Corp.
A report released Friday by the Treasury Department notes that over $1 billion has been paid back through April 15.
Independent Bank is based in Ionia, while TCF has branches in Michigan. We’re glad to see that some of the locals are no longer wards of the state. Now they can get on to their business of charging inexplicable user fees without federal interference.