Jan. 18--Thanks, but no thanks.

Although a new survey finds that nearly half of all U.S. banks are interested in getting money from the government's Troubled Asset Relief Program, so far only five Texas-based lenders have participated, and Fort Worth-based Worthington National Bank has publicly announced that it won't take any.

"We don't need a bailout, and we think it's wrong for banks to take taxpayers' money when they don't need it," declared Greg Morse, Worthington's chief executive.

And Morse plans to mount an aggressive advertising campaign Feb. 1 built around his bank's disdain for TARP -- and rivals choosing to collaborate.

Billboards and newspaper ads will say, "Did your bank take a bailout? We didn't," and "Just say no to bailout banks. Bank responsibly."

Aside from philosophically disagreeing with the program, Morse said that he can secure funds for making loans at a lower cost than through the TARP.

A survey of 339 banking chief executives by Bank Director magazine found that 47 percent were interested in participating in TARP.

Texas banks that have participated the Treasury program include two Dallas-based banks, Comerica and PlainsCapital. Officials from both banks declined to be interviewed for this report. The other banks were Encore Bancshares and Patriot Bancshares of Houston, and International Bancshares of Laredo.

They represent a fraction of the lenders operating in Texas.

Community and middle-sized banks in Texas are fearful about sending the wrong signals to consumers by accepting and even rejecting TARP funds, said Scott MacDonald, director of Southern Methodist University's Graduate School of Banking.

"There are two trains of thought among these bankers," MacDonald said. They are worried that the public will think that "if you don't take the money, you are somehow not good enough [to qualify]. And if you do take the money, you are in trouble."

And public image is a sensitive issue with the smaller banks.

"Their reputation risk is 10 times higher than a Bank of America," which, MacDonald said, is considered too big to fail, meaning that the government will do whatever is necessary to keep it operating.

Not so the smaller, regional banks.

Morse agreed that his bank was concerned about public perception and even considered applying for TARP participation, then turning it down if granted.

SMU's MacDonald said some of the criticism that TARP money now flowing into the economy is justified because bankers are wary of lending under current conditions.

"Only an idiot would tell a bank to lend in a crappy market," he said.

"Congress continues to look at commercial banks as a public good," he said. "Commercial banks are not a public good."

BARRY SHLACHTER, 817-390-7718

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