News roundup: Chicago banks refinance their bailout for cheaper Fed program

The first four of Chicago's small banks to pay back the federal
government for the Troubled Asset Relief Program funds they received turned around and refinanced with a cheaper  federal bailout program, despite the fact that all but one were profitable during the first half of the year.

The
banks, including Hanover Park's First Eagle Bank, Wilmette's Premier
Bank, and Chinatown's Pacific Global Bank, are all designated as
"community development financial institutions" that serve low-income
and underserved communities. The program they refinanced
into was created specifically to help these sorts of institutions. 

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--Compiled by Louis McGill

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