According to this story by Ryan Sharrow in the Baltimore Business Journal, Howard Bank has been approved for $5.98 million in TARP funds from the US Treasury Department.
Does this mean that Howard Bank CEO Mary Ann Scully will now be limited to $500,000 in annual compensation?
In the fourth quarter of last year the banks earnings fell by two thirds but all indications are that the bank is relatively healthy. Mary Ann issued this statement about participating in TARP:
“While we do not require additional capital at this time, we are considering how we could effectively use this capital to positively impact our community through a further increase in our capacity to lend, as well as enhance the long-term interests of our shareholders.”