By Angela Hatton
http://stream.publicbroadcasting.net/production/mp3/wkms/local-wkms-910963.mp3
Frankfort, KY – Many banks in the United States are still struggling to recover from the national recession, but as Angela Hatton reports, Kentucky's banks did well in 2009.
The Kentucky Department of Financial Institutions annual report says for most of 2009, Kentucky ranked eighth in profitability out of the 50 states. Betsy Flynn is president of Community Financial Services Bank and an Independent Community Bankers of America board member.
"The other thing about what has happened in Kentucky is we have not had a depreciation of property values and other collateral values."
Total bank assets in 2009, grew by 5.7 percent, despite some declines. State-chartered credit unions in Kentucky also showed significant growth. The 26 institutions increased their holdings by ten percent.