WASHINGTON, Nov. 25 (UPI) -- Some small U.S. banks say their needs are being ignored in the multibillion-dollar bailout approved by Congress.
Earlier this week, the federal government announced $306 billion in loan guarantees for large banks as well as another $20 billion cash infusion in exchange for preferred shares, ABC News reported Tuesday.
"I guess appalled is not too strong a word," said Cindy Blankenship, who along with her husband founded the Bank of the West in 1986. "We're sitting there taking deposits, making loans, operating on a very conservative and prudent basic banking business model."
Small banks say they are upset that executives leading Citibank and other financial are getting help but not being held personally responsible, the report said. Blankenship noted that when small banks hit hard times so do their executives.
"We haven't committed these sins but yet, our reputation is tarnished and yet, we still aren't too big to fail," Blankenship said. "We're the good guys and I'm furious about it. There is no equal treatment. I'm not too big to fail. If I had gone out and done what the big banks did, I would have been shut down."
