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Martin Eakes, founder of the Self-Help Credit Unonprofitonprofit community lender in Durham, N.C., is one of Associates' most outspoken critics.
Growing up in Virginia, he regularly went with his father to First National Bank of Strasburg, a community lender, that Mr. Whalen likens to the bank in the film "It's a Wonderful Life".
Executives at the bank, based in Evansville, Ind., and a large community lender with 100 branches and $8 billion in assets, began seeking to exit TARP almost as soon as the Treasury wired it the money in December.
"The abuses by the Associates were the key catalyst for the North Carolina legislation," said Martin Eakes, founder of Self-Help Credit Unonprofitonprofit community lender in Durham, N.C.
"If you had more money than you knew what to do with, would you want more?" Like Mr. Sturm's banks, Hyde Park Savings Bank, a community lender in the Boston suburbs, lowered its C.D. rates this spring to encourage less-profitable customers to move on.
Martin Eakes, founder of the Self-Help Credit Unonprofitonprofit community lender in Durham, N.C., who has been one of Associates' biggest critics in North Carolina, where the company faces an investigation by the state attorney general, called the proposal "completely unacceptable".
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Our progress has been praised by bankers, community lenders and credit unions.
Still, that represents a smaller portion of the bank's overall balance sheet compared with many regional and community lenders.
Beginning with $125 billion given to the nine large banks, the government has worked its way down to small community lenders.
lt is an intensive educational experience — about 80 hours of coursework through a local community college, plus homework — as well a loan program administered through nonprofit community lenders.
"We just don't need it anymore," said Don Sturm, the owner of American National Bank and Premier Bank, community lenders with 43 branches in Colorado and three other states.
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