State Banking Commissioner: Colorado banks safe
Story By: Bea Karnes
Source: KOAA
Congress votes down bailout plan. The Dow drops 777 points. Scary headlines. The failure of two major banks in the United States in the past week has many people concerned about their financial futures.
News First asked Colorado Banking Commissioner Richard Fulkerson if the banks operating here in Colorado are safe. Commissioner Fulkerson issued this statement on Monday:
"With respect to the bailout bill, the Colorado community banks have been generally insulated from the problems affecting Wall Street and the larger financial institutions. The effects of the Emergency Economic Stabilization Act of 2008, whether it is passed or not passed, is not expected to have an immediate effect on the Colorado banking industry in the short term. It is expected that any effect, positive or negative, will not be felt until six to twelve months in the future. All Colorado community banks remain well-capitalized and well-positioned to weather the current times."
