SAN LUIS OBISPO, Calif., Dec. 8, 2008 (GLOBE NEWSWIRE) -- The Board of Directors of San Luis Trust Bank (OTCBB:SNLS) recently approved the Bank's application for the U.S. Treasury TARP funds. The Board of Directors has not yet decided if they will accept the funds if approved. However, in order to be eligible, the Bank had to submit its application by December 8, 2008. Many banks will decide not to take the funds -- along with the additional governmental strings and requirements. Since San Luis Trust Bank is already considered to be "well-capitalized," accepting the TARP funds may be counter-productive to the long-run independence of the Bank. Within the next few weeks, the Board of Directors will make its final decision to either accept the TARP funds or withdraw its application.
For more information on San Luis Trust Bank, visit www.sanluistrustbank.com.
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