Blevins and his colleagues raised almost $24 million in capital to get started. Because they bought an existing branch, the building came with a vault with a steel door that appeared to be about a foot thick. Inside there was no cash and just a few safe-deposit boxes. As Blevins explained, the industry has become a cashless environment with banks doing money transfers electronically. It also has become a transitional environment with rising interest rates and inflation.
LPL Financial partners with banks to offer a complete menu of financial services to bank clients. This employment opportunity at Gulf Coast Bank & Trust in New Orleans, LA would allow you to join the Investment Program at Gulf Coast Bank & Trust as a Financial Advisor associated with LPL Financial. Under this model Financial Advisors are not employees of LPL Financial.
This mitigation bank is a 630-acre tract on the eastern side of Galveston Bay that abuts the Anahuac National Wildlife Refuge. The Earth Partners will establish, restore, and enhance 230 acres of freshwater marsh and open water habitat, 80 acres of coastal prairie, 220 acres of tidal marsh, 50 acres of tidal streams and mud flats, and 50 acres of shrub wetlands and upland buffer. The Gulf Coastal Plains site can also support wetland permittee-responsible mitigation (PRM) projects.
Located 113 to 185 kilometers (70 to 115 miles) off the coast of Texas and Louisiana, Flower Garden Banks National Marine Sanctuary is one of the many marine protected areas managed by NOAA's Office of National Marine Sanctuaries.
\"We'll make it,\" Mr. Ducrest told a reporter in his soft-spoken but serious manner that several bankers said mirrors his approach behind closed doors. \"I'm real optimistic where we're going with this. The first thing is to make sure that the customers can hook back up with their banks.\"
The hurricane flashed through three states Aug. 29, claiming hundreds of lives and destroying homes and businesses. As rescue efforts focused on finding survivors, Mr. Ducrest (pronounced doo-CRAY) quietly mounted a campaign to get local banks running again.
Several days after the hurricane, regulators in Washington still had not heard from more than a dozen bankers, but Mr. Ducrest's office contacted representatives from all banks operating in Louisiana that were in the disaster area.
Mr. Ducrest and his 60 staff members have faced several challenges during the crisis, including tensions among bankers, fears of a bank run, and sheer exhaustion. Louisiana has a lot at stake; its 123 state-chartered banks have nearly 41% of the state's $55.3 billion of banking assets.
Many of the banks are still struggling to reopen branches. The Federal Deposit Insurance Corp. said Wednesday that 361 Louisiana, Mississippi, and Alabama branches in the disaster area remained closed.
To get banks get operating again, Mr. Ducrest has been organizing meetings to bankers to help each other, and he has been assisting them with logistics and supplies. His office has tracked down diesel fuel for branch power generators, called phone companies to set up Internet connections, and lined up state police escorts to take bank officials in to inspect damage.
Since then he has been on the phone constantly with federal regulators and bankers to try and ensure things are running smoothly. He called the FDIC two weeks ago to help set up a database to help displaced customers find contact information for local banks.
On Wednesday he hosted Mr. Powell at a reopened Omni branch in Jefferson Parish. Temporarily, Omni officials will share the branch's lobby with three other banks, for four hours a day, five days a week.
He also helped quell tension between small and large banks jockeying for position as branches began to reopen. At a meeting last week Jefferson Parish officials said they would let only about a dozen branches open for the time being. According to one participant, banks argued over which companies would get to open first, and a large bank wanted to open half the available branches.
Also, Mr. Ducrest has been working with community bankers to help stem fears that public hysteria could cause a bank run. Some nervous customers have already withdrawn deposits and put them in larger, more geographically diverse banks. The situation was made worse when, according to several bankers here and officials in Washington, a radio personality told a worried caller that depositing money in larger banks was safer during times of crisis.
Even though his cell phone continued to ring, Mr. Ducrest put it away and help hold the ribbon - a series of $1 bills taped together - as the branch was officially opened. Despite the day's optimism, he did not directly answer a question on whether Katrina would cause some small banks to close their doors permanently.
The banks invested in bonds at a time when rates were low, and their value has since dropped substantially. While there appears to be very little risk that the banks will ever have to realize the losses, an American Banker data analysis raises questions about whether regulators should toughen their monitoring of interest rate risk.
In March's roundup of American Banker's favorite stories: How rising interest rates took community banks by surprise, small banks and credit unions react to the collapse of Silicon Valley Bank, ex-Wells Fargo executive Carrie Tolstedt faces potential jail time and more.
Since 2011, and in ever-growing volume, credit unions have been buying community banks. Some see it as the free market at work while bankers say this is another example of credit unions' unfair advantage. 59ce067264