Chattanooga’s top banks*1. SunTrust Banks Inc.Headquarters: AtlantaTotal assets: $174.2 billion2009 loss: $1.7 billion, or $3.98 per shareTARP aid: $4.9 billion committed; $254.8 collectedTop local officer: Mike Butler2. First Tennessee,subsidiary of First Horizon Corp.Headquarters: MemphisTotal assets: $26.1 billion2009 loss: $329.4 million, or $1.49 per shareTARP aid: $866.5 million committed; $43.4 million collected. The rest expected to be repaid by this fallTop local officer: Frank Schriner3. Regions Banksubsidiary of Regions FinancialHeadquarters: Birmingham, Ala.Total assets: $142 billion2009 loss: $1.3 billion or $1.27 per diluted shareTARP aid: $3.5 billion disbursed; $175.5 million collectedTop local officer: Michael Mathis4. Northwest Georgia BankHeadquarters: Ringgold, Ga.Total assets: $625 million2009 loss: Results not yet releasedTARP aid: None receivedTop local officer: Wesley Smith5. First Security GroupHeadquarters: ChattanoogaTotal assets: $1.3 billion2009 loss: $34.9 million, or $2.25 per shareTARP aid: $33 million; $1.4 million collectedTop local officer: Rodger Holley* Banks ranked by their relative share of deposits in metropolitan Chattanooga, as of June 30, 2008Sources: Federal Deposit Insurance Corp., individual banks, Publica
The economic recession took its toll on Chattanooga banks last year, forcing costly loan write-offs and keeping most of the institutions from paying back federal aid given to prop up the financial industry last year.
During 2009, all five of the banks with the most deposits in metropolitan Chattanooga lost money. Although many major money-center banks have repaid the assistance they got from the federal government’s Troubled Asset Relief Program (TARP), most of the biggest recipients in Chattanooga have yet to do so.
Jim Schutz, an analyst with Sterne, Agee & Leach in Boca Raton, Fla., said banks are eager to repay the TARP money and get out from the government’s oversight and repayment requirements.
“But they have to raise capital to do so and that can be difficult in this market,” he said. “The only banks that didn’t have problems last year were those that weren’t making many home loans.”