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Joe Casey Bank Dealings in Today’s Economy

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ifferent banks respond differently to market changes. Community banks have fared well in the current economic downturn, because most remained more conservative and did not become involved in exotic mortgage loans. Even though community banks make up a smaller percentage of the overall banking picture, they will be the backbone of the country’s recovery, just as they tend to be the centerpiece of their local communities. There are three community banks and two credit unions in Silver City with traditional approaches and flexibility focused on local needs. None are in the business of taking back homes and cars, and there is a great deal of latitude in available options. People who have had to deal with layoffs and income cuts need to communicate with their financial institution to work out solutions. Personal financial histories are important and need to be protected. Credit scores are always considered in mortgage loans, but for other loans, many banks are primarily interested in the circumstances surrounding your history. As a result of the stimulus package, there are additional business loan programs available through the SBA that provide guarantees, and also programs for helping individuals meet mortgage obligations. Loan officers can research the options for you. There is always some pain involved in a recovery, but adjustments in the market are necessary to the system. There are options that can facilitate recovery, but there is never enough money to fix everything at once. A major regulatory overhaul is certainly not the answer. Out of 8500 banks in this country, 8000 of them did nothing wrong. Regulation that affects all banks simply adds to the consumer’s cost. As much as one quarter of a bank’s income can go to regulation compliance, and in many cases, compliance with one regulation conflicts with another. Most students graduate from our schools financially illiterate and therefore have a difficult time determining what is right in their financial decision-making. My advice is simply, don’t put all your eggs in one basket and never be embarrassed to seek help from your financial contacts.

opposite: Joe Casey is President of AmBank, the largest financial institution in Silver City. He is a graduate of St. John Fisher College in Rochester, New York, and attended graduate school at Rochester Institute of Technology. He received a graduate degree from Pacific Coast Banking School. Joe came to Silver City in 1992 and was instrumental in organizing the AmBank charter. Joe celebrates 42 years in banking and finance and 45 years of marriage to his wife Cathy.

SILVER CITYLIFE – 27

Silver City Life Summer/Fall 2009  

Featuring the best of what Silver City New Mexico has to offer in the way of unique people, businesses and lifestyles. Includes the Silver C...

Silver City Life Summer/Fall 2009  

Featuring the best of what Silver City New Mexico has to offer in the way of unique people, businesses and lifestyles. Includes the Silver C...

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