Kentucky Banks Weathering Recession
MURRAY, Ky. -- – Kentucky's financial institutions did well in 2009. That's according to a new report from the state Department of Financial Institutions.
Kentucky's 157 state-chartered banks and 26 credit unions increased their assets last year. Betsy Flynn, who sits on the board of the Independent Community Bankers of America, credits the increase to good management.
"The community banks for the most part establish a life-long relationship with their customers. They don't make loans that can't be repaid, and they work with their customers when they get into trouble."
Kentucky was one of only three states that saw loan growth in each quarter of 2009. DFI officials say the positive news doesn't mean Kentucky's banks are free of problems, but it does indicate resilience.