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Missouri Banks

Date: September 26, 2008
By: Joshua Skurnik
State Capitol Bureau

Intro: While national banking institutions tremble, Missouri banks are healthy because of investments made in the Missouri housing market  .

Joshua Skurnik (SCUR-nic) has more from Jefferson City. 

RunTime:0:37
OutCue: SOC

Commissioner of the Missouri Division of Finance Eric McClure says the modest characteristics of the state housing market makes losses in bank investments relatively minute.

With sub prime-mortgages failing across the nation, the small growth of the Missouri market during the housing boom makes losses incured comparably small.

Actuality:  MCCLURY3.WAV
Run Time: 00:06
Description: So when the valuations are adjusted in a slower market they don't have near as far to far.
 

McClure says state banks tend to invest in in-state investments, so the tribulations of the coastal markets have left Missouri banks relatively unaffected.

Reporting from the state capital, I'm Joshua Skurnik.


Intro: The community focus of Missouri banks turns out to help them in this credit crisis.

Joshua Skurnik (SCUR-nic) has more from Jefferson City.

RunTime:0:41
OutCue: SOC

Commissioner of the Missouri Division of Finance Eric McClure says Missouri state banks are benefiting from their tendency to invest in in-state commodities.

 
Actuality:  MCCLURY7.WAV
Run Time: 00:09
Description: Those three hundred and forty banks based here in Missouri are successful when their communities are successful because that's where they put their investments and loans.
 

The mortgage crisis that is gripping America is much less profound in Missouri because of the small growth of the housing market during the housing boom.

McClure reports the tangible equity capital, a measure of an institutions accumulated wealth, of Missouri banks is almost nine percent, well over the state quota of six percent.

Reporting from the state capital, I'm Joshua Skurnik.