Financial institutions remain strong
Bankers in Marion were pleased with business in 2001 and are looking to another good year.
Larry Loomis, president of Marion National Bank, said business was about average and 2001 turned out to be a reasonable year. He said renewals and pay downs of farm loans continued, with no more extensions than usual.
Loomis said drought conditions could be a concern if they continue. "It could be pretty bad, but I'm not anticipating that to happen," he said.
Kevin Freuchting of Central National Bank said it was a big challenge to maintain profitability in 2001, but the bank had a very good year and experienced a third consecutive year of increased earnings.
Chris Costello, president of Tampa State Bank, said 2001 was a good year in income and growth. He is "cautiously optimistic" and expects another profitable year in 2002.
He noted that the bank has had to work with everybody, including people who lost jobs and producers who experienced lower prices: "You have to try to help people get over the hump," he said.
Tom Kimbrel of Edward Jones Investment Co. in Marion, said business increased immensely until Sept. 11, then dropped off dramatically. However, it picked up again in November and December.
Kimbrel said the drop in interest rates seemed to help his business as investors looked for better rates of return.
Based on forecasts by Jones analysts, Kimbrel believes markets should do well in 2002 and money market investors will see some increase in interest rates.
