WASHINGTON (AP) – A New Jersey bank has become the sixth bank to repay emergency assistance it received from the federal government.
The Treasury Department says that Sun Bancorp Inc. of Vineland, N.J., repaid $89.3 million, money it originally received on Jan. 9.
The decision by the New Jersey bank followed actions by five others earlier this month. The government has invested almost $200 billion in hundreds of banks as part of the $700 billion financial rescue program that Congress passed on Oct. 3.
Some of the banks returning the money have said they are doing so because they do not need the support and want to avoid congressional restrictions in such areas as executive compensation.
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