TCB Financial, Wayzata, Minn., a top 50 ranked residential servicer, has asked permission to return $361.2 million in Troubled Asset Relief Program funds to the Treasury as soon as possible. Under current rules depositories receiving TARP money can return the money after giving the government 30 days notice. In a statement TCB CEO William Cooper said, "TCF has sufficient capital and access to capital to operate without the TARP money," adding that, "we believe participation in TARP has created a competitive disadvantage" for the bank. According to a research note put out by Sandler O'Neill, "TCB is perhaps among the few with the wherewithal to pay back the funds immediately."
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