Archive for the ‘Financial’ CategoryKimber Lanning interviewed on KFNNThursday, June 10th, 2010Our very own Kimber Lanning was interviewed yesterday on KFNN 1510 Financial News Radio’s “Business for Breakfast” with Ken Morgan & Julie Dougherty. She spoke about the importance of supporting local as well as the upcoming Independence Week. You can check it out here! SCF Arizona’s ‘buy local’ attitude leads to huge economic impactTuesday, June 8th, 2010A study released today found that SCF Arizona, the state’s largest workers’ compensation insurer, had a $528.3 million economic impact in Arizona in 2009. The Phoenix company sourced 82 percent of its goods and services from other Arizona companies, according to the study released by Local First Arizona, a nonprofit that encourages Arizona businesses and residents to buy locally. Read more on the Phoenix Business Journal site: Study: SCF Arizona’s ‘buy local’ attitude leads to $528M economic impact – Phoenix Business Journal For more studies on the positive effects of buying local, check out our previous blog post “Shopping Local: A Proven Economic Model” Why bank local?Thursday, December 31st, 2009I don’t know of anyone who is incredibly happy with large, corporate bank behavior over these past few years. When I first moved to Phoenix ten years ago, I tossed my money in a national bank just because the name was familiar and it seemed “safe”. I can’t say I had any real positive experiences but there were plenty of negative ones. I tried a couple of different national banks and I saw no difference at all. And now we all know how these banks used and misused the money of people like myself who sometime struggle to make rent or mortgage, to buy food and clothes, to educate our kids. To us, a thousand dollars is a hell of a lot of money and these corporations were pocketing millions. I won’t even get into my feelings on how they used the bailout money (i.e. our money). I find no reason to put up with and fund the behavior of those who feel that they have no reason to be accountable. Luckily, we have a fantastic selection of locally-owned banks and credit unions in this state that keep our money in the community. They have a vested interest in the vitality of our local economy, and on the strength of its local businesses. I know that I made the right choice by dropping the national banks three years ago, and by keeping my money in a local bank I know that it’s staying right here where I live. Check our website for a list of locally-owned banks and credit unions.
As with the retail industry, the Federal Reserve data supports the fact that locally owned banks spend a greater percentage of their assets on both wages and rents which are both kept within the region. National banks equalize risk across regions, some of which are stagnating at any given point in time while others are growing. Local banks remain heavily invested in local economies through good times and bad. National banks, though, are able to transfer deposits from slow regions into loans in growth regions, effectively transferring money out of those communities most in need. Local banks rely more upon deposits and loans for their income while national chains rely substantially on income from credit cards to supplement their revenues.
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