Spirit Bank Accepts Federal Loan

Friday, March 27th 2009, 8:54 pm
By: News On 6

News On 6

TULSA, OK -- A Tulsa-based bank scoops up a $30 million loan from the federal government.  Spirit Bank says the extra cash will allow them to lend more money to more Oklahomans.

In exchange, the government now owns stock in Spirit Bank.  The bank must pay back the loan with interest on a yearly basis.

Spirit Bank must also agree to limit how much executives make in salaries and bonuses.