They don't have the cash to make dividend payments, so they are no longer making payments, though, under the terms of the TARP they have 20 quarters, or 5 years (!) to defer interest payments without technically being in default.The banks in question are Pacific Capital Bancorp, Seacoast Banking Corp, and Midwest Banc Holdings.
According to a GAO report, there are 17 banks that did not pay dividends in May, but they did not list names, so there is no knowing who the other 14 institutions are.
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