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Friday, Sep. 4, 2015

More thoughts on local banks

Posted Tuesday, November 2, 2010, at 8:00 AM

I noticed an interesting trend while reviewing area bank deposits and market shares a story in Monday's paper.

Large banking chains lost deposits last year, while most locally controlled small banks saw their deposits grow.

There seems to be some backlash as a result of 2008's big bank bail out. Could consumers be associating national banking chains with the problems that got the economy into trouble in the first place?

They could be feeling their money is safer if they keep it closer to home.

Of the 18 banks in the Cape Girardeau/Jackson metropolitan statistical area, only 7 banks saw their in-market deposits grow from June 30, 3009 to June 30, 2010. They were: Montgomery Bank, Alliance Bank, First Midwest Bank, First State Community Bank, First Community Bank, Banterra Bank and Peoples Community Bank.

The bank with the biggest dip in deposits was Region's Bank, with its deposits declining 16 percent. Montgomery Bank saw the biggest jump in deposits, climbing 24 percent.

Click here to see which local banks gained or lost deposits during the past year. Look to the chart on the right side of the page.


Comments
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Could be as simple as higher interest offered on CD's by the local banks compared to the big banks.

-- Posted by interesting on Tue, Nov 2, 2010, at 10:36 AM

I think you will see peer-to-peer lending partially replace banks. People with money will lend their money directly to businesses in the industry they gained their wealth in.

Those involved in peer-to-peer lending understand the risk their borrowers are exposing them to. They charge accordingly instead of settling for paltry CD returns.

-- Posted by nolimitsonthought on Fri, Nov 5, 2010, at 7:47 AM


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Melissa Miller is business editor at The Southeast Missourian. A graduate of the University of Missouri Journalism School, she's worked as a reporter, photographer, editor and as the executive director of two not-for-profit organizations. After living in Michigan and then Indiana, she moved back to her hometown of Jackson, Mo. In addition to writing daily stories for The Southeast Missourian, Melissa coordinates editorial content each month for Business Today. Business Today is a monthly publication for southeast Missouri's business community. Monthly themes include health care, agriculture, women in business, technology and more. Business Today is direct mailed to business owner and managers throughout southeast Missouri and southern Illinois. Follow her updates on local business developments at www.twitter.com/semissourianbiz or on Facebook at www.facebook.com/MelissaMillerSoutheastMissourian

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