ASHLAND — With grim financial news practically everywhere in recent days, local residents are seeking reassurances about their investments and savings, according to local bankers and other financial professionals.
Ashland Credit Union President Larry Lucas said most of their concerned calls have asked the same basic question — “Are my dollars secured?” He said the local credit union, as well as credit unions in general, are doing very well.
“We have had no mortgage defaults as a result of the current crisis,” Lucas said, explaining credit unions did not invest in sub-prime loans or adopt some of the other practices that ultimately caused the current crisis. The home equity business, he said, continues to be “our bread and butter.”
Money deposited with a credit union is also federally secured up to $100,000, Lucas said, although the security is not provided through the familiar FDIC protection for savings and loan banks.
Community Trust Bank President Larry Jones said simply, “It’s just not a time to panic.”
“People are interested and concerned,” Jones said, expressing his confidence the nation will rebound from the situation.
Talk of raising FDIC protection to $250,000 could also go a long way toward rebuilding consumer confidence, he said. With federal protection, Jones said a dollar in the bank is just as valuable as a dollar in a person’s pocket.
He also looks to the bank’s own stock trading as an indication of consumer confidence. Jones said the Community Trust Bank stock was selling for more than $23 a share when trouble in the real estate market became apparent. The bank stock dropped to the $22 range “when we were all lumped in the same bucket,” Jones said, and then climbed to more than $40 before settling down to $34.40 per share Wednesday afternoon.
The bank’s home loan officer continues to work with customers daily, Jones said.
“Yes, we are still doing home loans. Particularly this summer, a lot of people bought houses,” he said.
“I certainly wouldn’t encourage anyone to take their money out now,” Jones said, advising anyone with questions or concerns to “talk to your local banker.”
TIM PRESTON can be reached at tpreston@dailyindependent.com or at (606) 326-2651.
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