By Angela Hatton
Frankfort, KY – Kentucky's financial institutions did well in 2009. That's the word from the latest report from the state Department of Financial Institutions (DFI). Kentucky's 157 state-chartered banks and 26 credit unions increased their assets in 2009. Independent Community Bankers of America board member and bank president Betsy Flynn credits that to good management.
"The community banks for the most part establish a life-long relationship with their customers. They don't make loans that can't be repaid, and they work with their customers when they get into trouble. If they ha if they lose their job or whatever, the community banks strive to work with them until they can get afloat."
Kentucky was one of only three states that had loan growth for every quarter in 2009. DFI officials say the positive news doesn't mean Kentucky's banks are free of problems, but it does indicate resilience. DFI is a state Public Protection Cabinet agency.