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homestead - Re: [Homestead] Buddy, can you spare $700B.

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  • From: Gene GeRue <genegerue AT ruralize.com>
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] Buddy, can you spare $700B.
  • Date: Sun, 21 Sep 2008 20:29:04 -0500


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 used.

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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