News
November 18, 2009
Florida Banks Play Critical Role in State's Economy
By Florida Bankers Association
The Florida Bankers Association (FBA) has been serving Florida banks since 1888, and during those 121 years, an innumerable number of things have changed. However, one constant is that throughout its history, FBA member banks have provided valuable services for their customers no matter the economic or societal environment.
"When the FBA was established, our world was a very different place," said FBA President and CEO Alex Sanchez. "Just as our society has evolved with developments like air conditioning, indoor plumbing and automobiles, banking has evolved and grown to meet customers' demands for innovative and new approaches."
Florida banks play a critical role in the state's economy and are the number one supplier of credit. Banks make loans to consumers to finance important purchases such as a home, an education, a car or a major appliance. Bank credit helps small businesses get started, and helps all businesses grow and prosper. Banks help state and local governments fund a variety of public improvements including schools, roads, water and sewer and public health facilities. Through all of these activities, banks support both the creation of jobs and the growth of our economy.
"There is no doubt that recent economic challenges have affected the banking industry, both nationally and in Florida," said Sanchez. "However, as the end of the year approaches, indicators are beginning to show positive signs. And, it's important to note that despite any challenges, traditional FDIC banks have been meeting the demands of a tougher economy and the needs of their customers."
One of the most regulated industries in the U.S., the banking industry in Florida is monitored and audited year-round by several agencies that may include:
Federal Reserve Bank of the United States.
Office of the Comptroller of the Currency.
Federal Deposit Insurance Corporation.
Office of Thrift Supervision.
State Banking Department.
Each and every bank operating in Florida is required to submit numerous monthly, quarterly and annual reports. Some banks have examiners in-house year-round and all others are examined every 12 to 18 months, which includes carefully screening and checking loan portfolios, bank procedures, bank practices and monitoring to ensure that customers' money is safe and therefore sound.
"In the 75 year history of the FDIC, no customer has ever lost one cent from an FDIC insured bank savings account," said Sanchez. "That won't change; an FDIC insured bank account is the best and safest place for Floridians to keep their money."
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