- Charleston Business Reported That First National Bancshares “Withdrew” Its Application For TARP Funds “Because Of Concern That Its Magnitude Of Nonperforming Assets Could Trigger Rejection.” “Like the Southern Financial Group, First National was struck difficult by deteriorating real-estate assets, specially over the coastline. It increased its supply for loan losings in 2008 from $1.4 million to $20.5 million. Nonperforming assets grew to $75.5 million, or10.9% of loans along with other property owned, in contrast to 3% in 2007 and 0.15percent in 2006. Continue reading “The lender was at Such Poor Financial Position That Its Application for the Taxpayer Bailout ended up being Withdrawn After Being refused”
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