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Thu June 11, 2009
KY Banks Deemed Financially Sound
By Tony McVeigh
Frankfort, KY – The Federal Deposit Insurance Corporation, or FDIC, says Kentucky banks are ranked eighth in the nation in terms of return on average assets, which is a primary measure of profitability. Charles Vice of the Kentucky Department of Financial Institutions says state-chartered banks slightly outperformed national banks in Kentucky, but generally, both are doing very well. "That speaks a lot for how well managed our banking system is here in Kentucky. We've got some good management teams in place that have not taken the risks that other banks have and have kept the industry pretty stable here."
The only states with banks that outperformed Kentucky banks in the profitability survey are North Dakota, Colorado, Hawaii, Montana. Oklahoma, West Virginia and New York. Kentucky has not had a bank failure since 1981.