Written by: Lisa Matthys
Posted by: Courier Post Online
In 1969, a short 40 years ago, there were 17,000 banks in this nation. Today, there are less than half of that number -- about 8,000 -- and 105 of them have failed so far this year.
Just don't blame your local community banks. We're not the problem. It was 19 of the mega-institutions that precipitated the current financial crisis. Unfairly, the federal government is punishing everyone. Worse than unfair, some of the actions the feds are taking are deepening the problem.
Blame bad banking practices. Blame the economy.
It's time for the larger banks to be responsible, getting back to banking basics. It's also time for the consumer to speak up, and by doing so they can protect their personal assets, support their local community and help bolster the national economy. We have to stop the financial bleeding now, and grow our economy back into good health.
As the bigger banks continue to struggle and curtail lending, and as the recession deepens, worsening the plights of the mega-institutions, the community banks still are accepting deposits and making loans supporting the people and communities we serve. We're owned locally and live locally. We're the ones buying uniforms for the Little League teams and sponsoring the local charity events. We know our customers and they know us and place their trust in us. We take that to heart.
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