Baton Rouge, LA – Louisiana Bankers Association Chief Executive Officer Robert Taylor has the following resources and statements about today’s announcement from the Louisiana Office of Financial Institutions about the closure and FDIC’s receivership of Statewide Bank in Covington, LA. According to Taylor, “Home Bank of Lafayette, LA has acquired 100% of Statewide Bank’s deposits meaning there will be no loss exposure to former Statewide Bank depositors, which is the best possible outcome for this transaction.”
Customer Information about Home Bank’s acquisition of Statewide Bank in Covington, LA Louisiana Office of Financial Institution’s News Release: http://www.ofi.louisiana.gov/
About the General State of Louisiana’s Banking Industry Taylor says, “Louisiana banking is in a very strong position relative to many other states that continue to struggle with a housing slump, high unemployment and economic challenges. The senior management of Louisiana banks is well equipped in overcoming difficult times from their experience with economic downturns in the past. Even after hurricanes Katrina and Rita, Louisiana banks continued to help customers get back on their feet and participated in the recovery effort of the affected areas. The vast majority of Louisiana banks and thrifts are well capitalized, profitable and in a good position to serve their customers and communities. Louisiana banks continue to lend and in this time of uncertainty offer a safe haven for customer deposits. Anyone with questions about their own bank should speak directly to their local banker and get information for their own situation.”
General Consumer Banking Advice “FDIC insurance coverage is stronger than ever. I re-emphasize that if your deposits at your federally insured financial institution are fully covered, there’s no need to take unnecessary, drastic actions with your deposit accounts. I continue to advise consumers to fully understand FDIC insurance limits and how their accounts are structured to maximize coverage. Your banker is trained to know how to maximize your deposit insurance coverage to accommodate your needs. If you have concerns about your level of deposit insurance coverage, be sure to talk with your banker. You can also go to www.fdic.gov for tools and an explanation of coverage,” says Taylor.
About LBA: Founded in 1900, the Louisiana Bankers Association’s mission is to help banks grow and prosper in Louisiana. For more than 109 years, the LBA has provided Louisiana’s banker with top-quality professional development, revenue-enhancing products and services, governmental relations and public advocacy. The Association has 163 bank and thrift members. For more information, go to www.lba.org.
