Residential Lender Passes on TARP Funds

Citing its strong loan production, Fidelity D & D Bancorp Inc., Dunmore, Pa., declined to participate in the U.S. Treasury Department's Troubled Asset Relief Program Capital Purchase Program, even though the government had approved its entry. It said it had ample liquidity to fund loans for the foreseeable future. Steven C. Ackmann, president and chief executive, said, "We are well-capitalized, solid, and continue to invest in our community. Because we are so well capitalized, we felt our customers and shareholders would be better served by not participating in the Treasury program." The lender continues to fund consumer, mortgage and commercial loans. In the fourth quarter Fidelity D&D originated $12 million in residential mortgages, and $40 million in commercial.