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One of the few banks that turned down TARP funding five years ago was Cullen/Frost bankers they refuse -- even though panicky treasury officials -- That few banks would survive without federal loans.
But -- not only survived -- thrived on their own in fact the Fed ended up putting the bank's CEO Dick Evans on the Fed's advisory council so.
What is he saying needs to be done to grow the economy.
Let's find out good to see a congratulations on -- without TARP money they said he couldn't be done how panicky by the way were they when they came do you saying you had to take our money.
Well one of the things we did is is it figured out really what to true cost was for us.
And we had -- -- we didn't need the money.
And that and we were.
Aggressive and going to them before they came to us interest sand thanks but no fire so you add all your ducks lined up you that you had her argument soon well yeah they even knew what the problem and you and quite frankly -- remember what amazing that -- they said if you're broke.
You're not gonna get the money right if you're good enough -- qualify.
Of course a lot of a lot of bad banks got the money because -- political pressure we saw that happen within the bank that Maxine Waters husband was on the board of for example so there is politics got involved it's okay that's that's history look let's talk about what's happening today.
First of all today there was another downturn in the market banks took it on the chin is this a temporary thing hers is another down slide for banks.
Well act and you know they're still so much uncertainty.
-- and we're fortunate to be in Texas we only operate in taxes.
The unemployment is lower the job growth was about to -- -- have times the national camera we are still part of the United States against her.
So what should -- should -- a lot of Texas by the way yes but we've got to deal with we compete.
Primarily with the too big to fail.
We're number five in the state moved to move them for bigger than us have 52% of the market we have three and a half so we'd like going head to head with.
-- now that's an interesting point because a lot of people say no one of the purposes of TARP was to cut down on too big to fail and it's gone exactly opposite direction the five top banks.
Now have more concentration of assets than they did before -- exact -- so how how do you how does a smaller banks such as your own compete with these -- -- these.
These monster banks you focus on the -- In which act I can't change the rules it's a dump truck Dodd-Frank was a dump truck of rules they're still coming now.
But if you -- they slowed you down by the way all the Dodd-Frank rules was sure I mean it it has an effect but not.
I mean we had our greatest profits and I history 104 drug -- of Spanish here.
So if -- focus on the customers.
Make sure your given quality service was we've gotten a JD power for retail.
Best in customer service three years in a row.
Granted -- we have -- to.
-- recognize no other by choosing higher and that the United States and so.
It it's not about the awards it's about that the customer -- responded to what they walk.
So it's old fashioned salesmanship you can do a better job it -- -- customers in the big banks that are far removed from from their country.
Let's talk about the Fed for second because they've been -- a lot of money.
And it has been one it has been enabling politicians to spend word they have because the government's not suspended paying a penalty for spending all that money on debt.
But what else has it been doing them the money that it's been -- doesn't seem to be circulating on the part of the banks except for the smaller bank.
It's like your -- well first off almost freight firm that Kevin's about the tea and I would -- -- You can you we're awash in liquidity in this country.
But if you've got that much uncertainty.
People won't more money.
But -- he's got to be a price that we're paying so we haven't seen it in inflation yet although prices have gone up but we haven't seen a huge amount of inflation.
Are we going to war we balance -- with this much -- -- -- will -- at some point and -- with a three trillion dollars of -- has some of those signs.
If I can figure out how to unwind it -- Manhattan and and I think they can.
There's -- decision but I don't see how we can get around it at some point.
You know the real -- is.
There -- -- -- money but you've got to believe that tomorrow will be better than today.
And when you don't believe that -- of public -- and you don't advanced do you believe that.
Myanmar will be better than today it Mel but I believe in helping my customers get through this period of time and and you can't make big bets but they've got to continue to chip away just like Cullen/Frost.
We have grown our balance sheets since and of those 772%.
We've grown two billion dollars a year.
And we have double digit growth in loans last year so we're continued to build the company is just block an impact on worked.
Dick Evans a guy who a book could be written about the good work that you've done since 1997 when he took over CEO thank you very much for kinda it's -- -- oh.
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