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August 2009 This issue home | Past issues | Chamber home Community Banks Buck the National Trend While some of the largest banks across the nation are enduring losses in both dollars and esteem, that is not the case for many community banks here in North Texas. Several of the region’s independent, locally-owned banks are enjoying an upsurge in new account openings and deposits within the past year. Much of that story has gone untold. Community banks, by definition, are closely-held, local institutions owned and managed by people who commonly are native to the area. While these banks may have multiple locations, they all typically are founded with the purpose of serving the people and businesses of one community or region of the state. North Texas community banks, by and large, are very well capitalized and have not invested in sub prime loans, the toxic debt that has created problems for some banks nationally. Many community banks are better capitalized than required by law and neither sought nor received “bail out” funds from the federal government under the Troubled Asset Relief Program. Yet, because of regular media coverage of the nation’s most troubled banks, it’s easy to draw the conclusion that all banks are suffering. On the other hand, many community banks have seen deposits rise and new customers come in the door as a result of a desire by many people to keep their money closer to home with a bank that is local and more accessible. Because the staff and leadership of these banks tend to be supportive of and involved in their communities through numerous civic and charity events and organizations, there is a strong perception of the banks as community partners. That image serves the independent banks well when the priorities of bank customers change during a time of economic uneasiness. While the financial future for a handful of large, national banks is still cloudy, the outlook for community banks is quite bright. As with most families and businesses in North Texas, the current recession calls for belt tightening and cost cutting in almost any bank. However, you will find it’s business as usual at many community banks. While that may not make the news these days, it’s a bit of good information we all can appreciate. Article submitted by Richard Ramey, LegacyTexas Bank, President. Action News is a monthly publication of the Richardson Chamber of Commerce Communications Department. Click here to Unsubscribe or email rsvp@richardsonchamber.com.
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