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Local banks hit less hard by economic conditions
Posted By admin On May 29, 2009 @ 5:42 am In Today’s Local News | Comments Disabled
Although some banks in Iowa are seeing an increase of more than 2% of their loans as ‘nonperforming’, the stability of local banks in Marion County makes them less affected by potential dips in business. That’s according to Stu Job, president and CEO of Iowa State Saving Bank in Knoxville. He says Iowa State Savings Bank and area banks weren’t involved in the big commercial and real estate boons and busts more common in metropolitan areas, and therefore remained more salient once the national economy began to sag last year. Denny Hanson of Valley Bank in Knoxville says the bank also has remained stable by working with customers and not financing large commercial real estate which was severely affected nation-wide. Mark Prill, president of Pleasantville State Bank, says the bank has not seen an increase in nonperforming loans and continues to practice sound business practices.
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