How are small town banks doing now? Yesterday, Sheila Ferrell, VP Cashier of Farmers Exchange Bank, gave me an update on small town banks. She has been with Farmers for 24 years. It’s a terrific little bank in Cherokee, Oklahoma, (population approx. 1600), with a few branches in surrounding towns.
Ferrell stressed that Farmers is not doing the same types of loans as those big banks that are in the news. They do more farm and business loans. But doesn’t that leave them vulnerable to the economy, as it begins to affect the small town businesses? Not yet, and she doesn’t think it will.
“Our loan base is not going to cause a problem,” Ferrell said. “We’ve got the money to lend.”
Lack of population and the usual small town problems are the bigger driver than the larger economy. One of the driving tourist attractions for the area, the Great Salt Plains Crystal Digging Area, has been closed. That’s much more important to the town of Cherokee than the national economic situation.
- Cheap placemaking idea: instant murals - September 11, 2020
- Refilling the rural business pipeline - July 7, 2020
- Huge vacant buildings: grants to renovate? - June 9, 2020
- Economic self defense for small towns - June 7, 2020
- The best things you can do for local businesses in light of coronavirus - March 27, 2020
- How to get more parking downtown without adding any spaces - March 7, 2020
- Exact Yeti Blue mic volume and Windows settings to reduce background noise - February 17, 2020
- Getting local businesses to cooperate with you: Shop Hopping Around Brownsville - December 16, 2019
- Survey of Rural Challenges 2019 results - December 5, 2019
- Shop Indie Local adds a new twist to tired Buy Local campaigns - November 11, 2019