[Homestead] Buddy, can you spare $700B.
genegerue at ruralize.com
Sun Sep 21 21:29:04 EDT 2008
On Sep 21, 2008, at 7:25 PM, Clansgian at wmconnect.com wrote:
> To the extent that the local bank has to borrow from the fed, it is
> at risk.
> But many very small banks don't do this on a regular basis and for
> many it is
> not essential to their existence.
I'm not sure about that. I happened to be sitting in the office of the
recently retired president of our local bank, Century Bank of the
Ozarks, chatting with John Harlin about this and that. A secretary
came in while we were talking--it was late in the day--and said, we
can't reach Chris (John's son, the new president) and we have to
decide how much overnight $$$ we should order. I forget the term she
Now I have known and dealt with this bank for over thirty years. They
have a high rating. They are conservative. Chris is about the fifth
consecutive Harlin to run the bank. They do not do silly things. At
this moment, John asked a question and when answered, gave a number to
the secretary. It was obvious to me that it is common practice to draw
on federal funds for next-day anticipated cash withdrawals.
Feel free to research Century Bank of the Ozarks. From all that I
know, they are solid.
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