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Farmers Citizens Bank CEO Coleman Clougherty on the bank’s free gas offer to lure customers to the community bank from the bigger banks.
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Gas prices keep going up -- -- about small banks are stepping up instead -- -- -- -- -- like some of the big guys.
Community banks are giving out 80000 bonds -- the gasoline below -- way.
From those big banks so remarkable that CEO -- -- -- back.
One of them -- bronze farmers Citizens Bank.
Isn't just an idea but tell me exactly.
What you're doing common.
Well well -- we are teaming up with financial institutions community financial institutions across the country.
To really would create consumer awareness that they can take their banking back from the mega banks.
Through our innovative checking and savings account products because sauce -- -- -- the you're doing it would it's easier free gas now how much for yesterday of.
Actually in each market it's about.
200 different vehicles I believe you're gonna receive a free gas at least here in the -- market that's one -- guess we're one -- one single -- operating at more.
It's twenty dollars of gas coming in now to -- service stations where actually.
Station that.
So I have five vehicles and I wanna keep coming one after another all get that -- got -- -- We'd love for you to come and help us cents up.
I'll let you know it does come back to be aggressive a lot of people -- being nickel to -- at a big bags.
More for debit card -- more for.
You know about -- these.
Showing up and I had -- in a -- office -- you know entity gets ridiculous.
So there is something to be set of that -- -- but.
How much business do you expect to draw.
Long term from this.
Well actually it's been very very successful there -- -- 130 community financial institutions that now offer that the salsa products.
And die in excess of 300000 customers.
We expect to get a national awareness -- -- this up particular promotion.
And expect to continue to grace consumer awareness that.
They don't have to take those fees from the mega banks they don't have to take -- in personal service of -- in just.
Sixteen digit account number they don't have to help fuel.
The billion dollar losses by some -- trader in another country they can deal with their community financial institution.
Who takes their money invested back in the community.
In two what do you -- -- -- launches consumer dealers not to because the -- get tigers in general as ever since the meltdown whether -- later arrested or not and you were not.
You're Leary yeah you don't want to get too crazy and your.
The reticence would even.
Well I believe there is a consumer skepticism out there but I think when they come to -- community financial institution.
They don't feel that that it's all about fees and all about.
Bonuses etc.
they really feel that the community financial institution is giving back to the community.
And giving them back for doing the things that they've done all along for instance in Arkansas -- accounts.
Bomb if you do take -- Automatic deposit and Internet banking those are all things that make us or save us money and we're sharing that -- the consumers.
We're not plowing that into the income of the financial mega banks and using it for those things that I alluded to earlier.
-- -- have you are your thoughts on interest rates and -- the whole banking industry is going I was wonder whether zoo every possible way to approach -- ago it's gonna be a meltdown what.
He I think interest rates are going to be very driven by the economy any economy continues to be weak.
And I do believe there's strength in financial institutions particularly in the community financial institutions.
As you know the vast majority of TARP money and the bailouts went to the mega banks they did not go to community financial institutions they've been very focused on.
Exactly what their mission is and that's what we do an FC bank also.
We'll -- freedom likely get the varied and our very clear our common -- could sing.
Thank you very much.
