From the Reformed Broker:
Iberiabank (IBKC) has become the first financial institution out of over 440 to return TARP funds back to the federal government. Iberiabank basically said, “Look, you told us all to participate and take the money, and now we are looked at and treated like common criminals because we did so.”
Or as Daryl Byrd, Iberiabank CEO actually couched i:
We believe recent actions, interpretations, and commentary regarding various aspects of the program places our company at an unacceptable competitive disadvantage.
IBKC actually returned the TARP money a couple of weeks ago now, at the end of February. Which has us wondering whether any other tarpees has sent back the cash too in the meantime?