October 16, 2008

Community lenders, deposits secure during bailout scare

Community lenders, deposits secure during bailout scare

North Dakota is more insulated than most of the nation. The statement has nothing to do with cold, blustery weather or the R-factor scale. It is the best explanation that local financial advisors have to describe why North Dakota isn’t as adversely affected by the storm of financial woes sweeping much of the rest of the nation.

It shouldn’t be a surprise that local banks and credit unions have gotten a few phone calls from local residents concerned about whether or not their monies are secure.

The well-publicized $700 billion bailout bill passed by Congress last Friday is set to cover the costly mistakes made by portions of the large American mortgage brokers and investment bank industry. Those financial institutions are cause for concern. But the financial failure is not all inclusive of every financial institution, especially for those in North Dakota.

The one message that local lenders want their patrons to know: Local deposits and loans are secure.

Check any financial institution in the county: Farmers Security Bank of Washburn, Dakota West Credit Union, Turtle Lake and Washburn, First State Bank of Wilton, North Country Bank in Underwood and McClusky, BNC National Bank and Garrison State Bank in Garrison Bremer Bank of Max and Bank of Turtle Lake. All will confirm the stability of their institutions.

Talk with Donna Sommer at Dakota West or Mark Jennings at Farmers Security Bank, Washburn, or with Jim Porter at First State Bank of Wilton. Ask Brenda Rambur at Garrison State Bank, or Cheryl Mehlhoff at BNC in Garrison or Allen Wagner at Bank of Turtle Lake. They are glad to explain that there are several reasons why they use the word secure to describe their institution.

The Weather Network