SIOUX FALLS, SD (KELO.com) — Regional Bankers are facing some stiff challenges, but the farm customers they serve are doing well. A new survey of bankers shows agriculture on top of other sectors of the economy. Creighton University Economist Ernie Goss says farm numbers are holding up well.
Rural Main Street businesses are having difficulty due to higher interest rates. One of the main problem areas is banking. In the last major recession in the U.S., the nation lost roughly half of the number of banks it had prior to the recession, going from about 8,000 down to 4,000 banks. We may not see anything that drastic this time around, but Goss says there is some stress in the banking industry…
Ironically, Goss says the U.S. Treasury Department seems to be saying it will help larger regional banks like Silicon Valley Bank and Signature Bank, but not smaller community banks like we see in farm country.
76% of the bankers participating in the survey said they oppose the bailouts of Silicon Valley and Signature Banks. Two-thirds said they opposed all bank bailouts.
