First Banker's Trust chosen
(Quincy, Ill)
There may be a speck of light at the end of the recession tunnel.
Recently, the federal government created the Capital Purchase Program that invests $1.5 billion into banks around the country.
First Bankers Trust Incorporated is one of 39 banks that will get some of that money.
First Bankers is getting $10 million to reinvest in this community.
The way this works, the government will buy preferred stock in First Bankers to increase its loan activities.
First Bankers was chosen because it had a strong 2008.
Banks that agree to sell shares to the government have to comply with certain restrictions during the period the U.S. Treasury Department holds that equity.