Lafayette-based MidSouth Bank has sold $20 million worth of shares to the U.S. Treasury as part of the federal financial bailout plan. The Treasury bought the shares as part of the Capital Purchase Program, a component of the $700 billion Troubled Assets Relief Program. The department also has a 10-year option to purchase up to $3 million more in MidSouth shares. Rusty Cloutier, president and CEO of MidSouth, has said the bank will use the cash to expand its loan programs.
MidSouth Bank receives federal money
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