Healthy banks
Tom Thompson - Lyon County State Bank
Monday, December 8, 2008
“IS MY MONEY safe?”
That’s a question my customers are asking a lot lately, and it’s no surprise. Turn on your TV or surf the news sites on the internet and there are plenty of headlines about banks, and those headlines are negative. We are being bombarded with news about how banks have abused our trust by not complying with the law and that they’re no longer making loans. But the news only gives us part of the story. Yes, there are banks that are in trouble. But many banks — in fact, the majority of local and community banks — are fiscally sound.
The good news, Emporia, is that your local community banks are healthy.
You probably expect a banker to say that, but you don’t have to take my word for it. As a consumer, you have great resources available to you to learn more about your bank and other banks in our county. Every quarter, banks are required to file a financial report detailing information about deposits, loans, investments, etc. Then companies like Bankrate.com take those reports from every bank, line them up side-by-side, and compare the statistics and tell you what they mean. LSCB is very proud to have been awarded a five-star rating from Bankrate.com. Only 53 out of over 300 banks in Kansas received five stars. The good news for Emporians is that all of the banks in Emporia have earned three- to five-star ratings, which means they are all performing at average or above average levels.
Healthy community banks are still making loans for businesses and individuals. What’s more, your local community bank is there for you throughout the loan process — from helping you assess what you can afford, to writing the loan, to helping you manage your loan and answer any questions you might have once you have your loan.
Your community bank also strives to make choices that will keep your money safe. As a banker in your community, I want to build a long-term relationship with you, and that’s hard to do without earning your trust. We will invest your money carefully. It’s the reason why we’ve been able to weather so many financial storms over the decades. LCSB has served customers for nearly a century — through wars, the Great Depression, recessions, and some tremendous periods of growth. This would not have been possible without a deep commitment to responsible banking and investment practices. And in LCSB’s case, we’ve completely remodeled our branch at Twelfth and Industrial to incorporate new technology and further train our customer service representatives to ensure we can give you the service you need and keep your money safer than ever.
Don’t give up on your dreams of owning a home or starting a business just yet. Visit Web sites like Bankrate.com. Take the time to learn more about the banks in our area, and then come talk with us. Let your healthy community banks do what they do best by helping you invest in your future.