I Want To Be A Bank

Saturday, November 15, 2008
If I were a bank, I could qualify myself for Capital Purchase Program for a few million bucks, and get billions of your bucks. Aren't you glad I'm not a bank?

I was browsing my rss feeds, when a news item caught my eye. It was about a well known Financial Institution who's value has jumped recently as the result of their intentions to buy a small bank in Florida. Check it out;
HARTFORD, Conn., Nov 14, 2008 (BUSINESS WIRE) -- The Hartford Financial Services Group, Inc. (NYSE: HIG) today announced that it has applied to the Office of Thrift Supervision (OTS) to become a savings and loan holding company and has applied to participate in the U.S. Treasury Department's Capital Purchase Program (CPP).
In conjunction with these applications, The Hartford has signed a merger agreement to acquire the parent company of Federal Trust Bank for approximately $10 million and will also provide an additional amount to recapitalize the bank. Federal Trust Bank, a federally chartered, FDIC-insured savings bank is owned by Federal Trust Corporation, a unitary thrift holding company headquartered in Sanford, Fla. The completion of this acquisition will satisfy a key eligibility requirement for participation in CPP.
"We are taking these actions as a strong and well-capitalized financial institution looking for maximum flexibility and stability," said Ramani Ayer, The Hartford's chairman and chief executive officer. "Securing capital at the terms available through the Capital Purchase Program could be a prudent course in this market environment and would allow us to further supplement our existing capital resources.
"The Hartford's purchase of Federal Trust Corporation is contingent on Treasury's approval of The Hartford's participation in the CPP, approval of the acquisition by the shareholders of Federal Trust Corporation, and the Office of Thrift Supervision's approval of The Hartford's application to become a savings and loan holding company. The Hartford estimates that it would be eligible for a capital purchase of between $1.1 billion and $3.4 billion under existing Treasury guidelines. The final amount of capital request will be determined following approval by Treasury...more  
So I'm asking all my contacts; "Do you know of any small Savings and Loan Companies ( they don't have to be very big ) that are in the need of 'rescue'? We could all get together, pool our cash and qualify for billions of taxpayer bucks! ! !

Or is that a crime....nevermind....sorry...I was just pondering the possibilties...