How are small town banks doing now? Yesterday, Sheila Ferrell, VP Cashier of Farmers Exchange Bank, gave me an update on small town banks. She has been with Farmers for 24 years. It’s a terrific little bank in Cherokee, Oklahoma, (population approx. 1600), with a few branches in surrounding towns.
Ferrell stressed that Farmers is not doing the same types of loans as those big banks that are in the news. They do more farm and business loans. But doesn’t that leave them vulnerable to the economy, as it begins to affect the small town businesses? Not yet, and she doesn’t think it will.
“Our loan base is not going to cause a problem,” Ferrell said. “We’ve got the money to lend.”
Lack of population and the usual small town problems are the bigger driver than the larger economy. One of the driving tourist attractions for the area, the Great Salt Plains Crystal Digging Area, has been closed. That’s much more important to the town of Cherokee than the national economic situation.
- Downtown is your town’s core: How to make your case - February 22, 2021
- Zoom Towns: attracting and supporting remote workers in rural small towns - December 10, 2020
- In an economic crisis, spend your brainpower before your dollars - November 25, 2020
- Video: How to fill empty car dealership buildings for the holidays - November 6, 2020
- How has 2020 changed the challenges rural small towns face? Tell us here - October 20, 2020
- The Idea Friendly Method to surviving a business crisis - October 6, 2020
- Join me for the Rural Renewal Symposium online Oct 13 - September 26, 2020
- Cheap placemaking idea: instant murals - September 11, 2020
- Refilling the rural business pipeline - July 7, 2020
- Huge vacant buildings: grants to renovate? - June 9, 2020