The Treasury Department this week appointed directors to join a pair of banking companies that have missed multiple dividend payments tied to the Troubled Asset Relief Program.
The Treasury named Susan Roth Katzke, a former analyst at Credit Suisse Group, to the board of Intervest Bancshares (IBCA) in New York. The $2 billion-asset company, which received a $25 million Tarp investment in December 2008, has missed nine dividend payments, according to the Treasury.
First Security Group (FSGI) also gained a new director after the Treasury tapped William F. Grant 3rd to join the Chattanooga, Tenn., company's board. Grant is the second Treasury appointee to the $1.1 billion-asset company's board, joining Robert Lane. Grant, a former examiner with the Office of the Comptroller of the Currency, is also a director of Square 1 Financial of Durham, N.C.
First Security received $33 million in Tarp finds in January 2009, and has also missed nine dividend payments.
