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DIC protection on savings to 250000.
Dollars is being called in lobbying -- the small bankers.
Many of whom have been telling us -- -- happy hour over the past few days that rumors of credits the minds are greatly exaggerated.
Let's hear from -- and trainer of see the CEO of republic bait car and the Kentucky and park and he Coleman.
CEO of ING direct the on -- bank that's -- and I'll start looking at what you still lending.
-- absolutely -- matter of fact were.
We're pretty much not only lending were doing more than a billion a month than.
New mortgages so part of America on main street is still going and by the way.
We're also still saving our fact few.
My decision today my.
We the sabres.
This is a declaration of independence.
And -- -- -- the guys guys on main street.
You know everybody keeps talking about main street that -- about the whole point is.
Guys on main street actually have a voice -- what they're saying is is that this bailout package they really don't know what it does for them.
Thank you so it's on the path they pulled everybody into.
The wrong side of the road and I think there's a lot of -- here.
It's because I also need to bring in the one and only -- for Smith -- red roses on her desk now decided to cover the story -- the story what is the story day here are the base crashing or are the.
I think should bear the hat and yet yet -- that it back is that there's this growing crisis of confidence out there.
That's feeding unnecessary you're in the marketplace and that's exactly what's happening don't you talk about raising -- -- on the insurance that we get on our bank accounts in the amount of deposits out there.
All this is another master degree of confidence out there -- -- mark or if it's going to be -- dozen -- on the Google needs to step.
Bring -- -- -- curious is he with us as well.
They knew that yes I -- you Steve is so you brought it out one of these off community banks and you know this is the whole controversy right now behind the bailout packages one -- the to that they're voting on tonight.
You know you have this -- side it says -- -- a major crisis no one's lending ask senator Barack Obama on the senate floor they're saying.
Businesses are gonna close shot millions that's the fault of jobs are going to be -- because.
Businesses can't make payroll because there -- -- with lending money but small things you know we had one.
Guy on yesterday -- -- midwest is like as well as yourself Tim Burton and money we're doing business what's the story.
Well thankfully we've made some good decisions over the last few years and we positioned ourselves competitively.
Better than we've ever been and we are in position to land we are landing.
We have made over 600 million dollars in loans just the first eight months of this year on the deposits -- I think folks look at republic bank is.
Very safe and sound.
Low risk option and we've seen an inflow of deposits as well.
The folks that are lending are the ones that sacrificed their long term future for short turn game.
Sure it's certainly the folks on Wall Street fit that description.
So this is this is is it puts us in a good position.
And anybody out there that is credit worthy.
Two who can except the degree of risk with alone with our help we are loaning those funds.
Stephen tell -- the breakdown between small banks middle sized banks in large institutions as far as lending goes you talk about 600 million dollars.
Are we talking about a multi trillion dollar -- lending industry.
Well yes I can only speak from the main street side of -- you know just to give you a little scope of our -- we're about a three billion dollar bank the largest.
Kentucky on financial institution we've got 45 locations.
About 85000 customers that you would consider us certainly a bank of size and for our borrowers for our homeowners for our businesses.
On The Who have not against sacrifice their long term future in -- in a position to land we are in a position to lend to those folks and -- have loan.
pullen out of the torch and you guys are big -- and I was actually just on them as I'm listening to discuss and they get.
What did he tell the viewers -- -- this very point if you're actually hit of the -- -- in the think at the base that directly benefit from this package -- money from that and take the Olympics like.
I -- based -- what what do you think about that.
Well let me look.
You know I think there's a lot of money moving around people trying to get underneath the FDIC limits but I mean look we've got eight million customers.
We have -- eighty billion in assets where were pretty large savings bank and and people are pretty happy and are staying because they've got confidence right so I think it forces.
Deposit rates are going up a lot.
I think people basically Wonderwall why are they pay so much are they in trouble so I think there's a lot of concern about who's next -- -- in trouble.
But I think there's a lot of good commuting back to me we are the largest virtual community bank in the country and we're doing very well so -- Art I could argue that if boring -- at a time we can't do you support the rescue plan that may be -- tonight.
No I don't why I.
Because I think it basically is that not gonna make the kind of different that we're talking about there's a liquidity problem that the valuation problem does a valuation problem -- the bigger.
You just said everybody's making loans so you're saying but I say there's a liquidity problem.
Well -- -- know there's a little putting problem in the mortgage market for the Wall Street guys.
But guys like us are still making lots of mortgage loans every day I mean there is a liquidity from the -- -- the banks OK but I don't forget there's a valuation problem which is turning.
-- 500 billion dollar problem.
I -- -- dollar problem because if you got bad credit you should write it off -- got -- valuation problem that doesn't make much sense right now.
Okay and -- Stephen we're at a time as well but I do you support the rescue flat yes or now.
Well I don't you know my emotions are very mixed on this I mean again we positioned ourselves very good to compete.
It's hard for me to grasp exactly what this means on a micro level so I guess I have to give you the answer I don't now.
I'm capable of that parent after parent out my thank you Steven.
Thanks so much bad as the.
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