Posted 4:28 am Tuesday, September 30, 2008
East Texas Bank Officials Believe Congress Needs to Act
Southside Bank Board Chairman and Chief Executive Officer Bill Hartley said legislators will continue working to remedy the situation. He said abandoning any effort to restore confidence in the nation's lenders could "have a serious downside."
"It is my hope that they will continue to work until they work something out," he said. "They have to work it out."
Citizen's State Bank President David Monk said like most community bankers in the region he resents the economic position Wall Street firms have placed the nation. Both Hartley and Monk said business is as usual in East Texas but that not acting to establish confidence in American financial institutions could have major ramifications.
Monk responded with his assessment of a proposed bailout, as a taxpayer and 38-year community banker.
"I don't like it but I have come to the belief that some action is needed," he said.
Austin Bank Vice Chairman Jeff Austin III said he was very disappointed in the vote. He said the market is fragile and emotions are running high but that it is time for elected officials to put party aside and vote for the best interest of the country.
"Extraordinary times call for extraordinary measures," he said. "It's time for them to step up."
He said he believes legislators will return to the drawing board and come back with a plan that will restore economic confidence. He said the dip in the market affected everyday people's 401-Ks, business lending has ground to a halt and further inaction will precipitate further erosion of economic stability.
