Something you can bank on

Citibank Thursday dropped out of the fight to take over failing Wachovia, leaving the door open for Wells Fargo to acquire the institution. Citigroup still wants someone to pay about $60 billion in legal fees they claim they piled up in the process.

Meanwhile The Bank of Floyd was cited in a National Public Radio (NPR) report as a small, local bank whose conservative financial practices have kept it out of trouble.

Reports the network:

Wall Street may be on a roller coaster and credit markets in a deep freeze, but many smaller, local banks aren't yet feeling the pinch. They lend only as much money as they take in and stayed out of the subprime mortgage business. Leon Moore, of the Bank of Floyd in Floyd, Va., says his bank hasn't taken a federal loan in 10 years.

 

Citibank Thursday dropped out of the fight to take over failing Wachovia, leaving the door open for Wells Fargo to acquire the institution. Citigroup still wants someone to pay about $60 billion in legal fees they claim they piled up in the process.

Meanwhile The Bank of Floyd was cited in a National Public Radio (NPR) report as a small, local bank whose conservative financial practices have kept it out of trouble.

Reports the network:

Wall Street may be on a roller coaster and credit markets in a deep freeze, but many smaller, local banks aren’t yet feeling the pinch. They lend only as much money as they take in and stayed out of the subprime mortgage business. Leon Moore, of the Bank of Floyd in Floyd, Va., says his bank hasn’t taken a federal loan in 10 years.

 

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn

2 Responses

  1. I applaud the Bank of Floyd for being cited in the report and not have any financial trouble at this time. We banked with BOF for many years until last year when we decided that their customer service was seriously lacking. Granted there were several employees who were willing to assist and do so in a friendly manner (especially at braches other than Floyd) however there were also those who acted like you were taking money out of their bank account instead of your own. I didn’t like leaving our local bank but have had nothing but positive experiences at Freedom First Credit Union. Employees there act like they enjoy their jobs and they are happy to assist customers.

Comments are closed.

On Key
Related Posts
Keeping time around the world

Keeping time around the world

In a period of my adult, professional, life, I spent many days (and nights) on planes flying around the world. For many of those years,