KLTV 7 News speaks to local banks about FDIC insurance raise
Half the battle is over in the federal government's economy bailout bill. The House will eventually vote on the Senate's version of the bill, which includes, among other things, a temporary raise in FDIC insurance from $100,000 to $250,000. We wanted to know if East Texas banks favor the FDIC insurance raise and find out how confident they are that your money is safe in the bank. KLTV 7's LaKecia Shockley has the story.
They are ads with bold words lik strength and stability, safe and sound. It's no doubt East Texas banks want to assure you that your money is safe.
President and chief operating officer of Texas Bank and Trust, Roger Pope, Jr., says East Texas banks are better off and more confident simply because they've made the right choices.
"I think this is a great time for local and community banks to tell our story and we can say we've weathered the storm well," said Pope in an interview today. "I don't think your area banks have participated in some of the risky financial endeavors, specifically the subprime mortgage lending that some of your larger banks."
CEO of Southside Bank BG Hartley agrees and he's in favor of the FDIC insurance raise.
"Texas is the land of plenty...there's so much money here it is unbelievable," said Hartley. "$250,000 covers a great deal of a lot of people's idled dollars. It would be a good things for all us. For the customers, for the banks, for the economy."
"Frankly, we feel that...that's been something that's long overdue. I think if you look at how the $100,000 dollar would be indexed in today's dollars it would even be above the 250,000 limit," said Pope.
"It would restore confidence in the mind of all savers," said Hartley.
A confidence that is needed in today's economy.
We also spoke with the vice chairman of Austin Bank, Jeff Austin III, who is in Austin meeting with the Texans' Bankers Association.
He says they sent a resolution to Texas delegate members of the Senate encouraging them act quickly in favor a bill that would stabilize the financial industry.
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