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• W296201075 abstract "Norm Beatty was in a closed-door meeting in his bank when someone knocked on the door and announced, simply: They've just hit the World Trade Center. headquarters branch of Beatty's First Hope Bank, N.A., doesn't have a lobby TV set, as do some of the other branches, so Beatty quickly called the manager of a branch that did. Over the phone the branch manager said, 'Oh, my God, they just hit the other tower', says Beatty. Hope, N.J., is in the northern part of the state, near the Pennsylvania border, but only about 60 miles from downtown Manhattan. Beatty, chairman, president, and CEO, who is a former career military officer, says he realized he had two priorities for the rest of the day: making sure employees remained calm and able to serve customers, and making sure his bank stayed open and operating so customers would not perceive that there was some problem with the banking industry. In times of crisis, Beatty says, he believes banks are essentially an extension of the government, at least in the sense that their continued operation is critical to citizens' confidence. So the rest of Beatty's Sept. 11 was spent shuttling among all of the bank's branches, maintaining tone. All told, eight employees had someone--a spouse or otherwise--who worked in the trade center or the surrounding area. Beatty told those who felt the need to go home that they could do so, but he says that many wanted to stay at their posts, preferring to occupy themselves to simply waiting by the phone. While some had a long wait for news, all but one employee learned that their loved one was safe. Beatty says a few depositors came in, wanting to make panic withdrawals, but this was rare and only on the day of the event. Indeed, in the first week after the disaster, Beatty notes, his bank saw $4 million in deposits come in -- an increase of about 5%. Beatty says he isn't sure if that is a reflection of customers' increased desire for the security of insured deposits. In the wake of the Fed's decision to cut rates yet again to stimulate the economy, Beatty says he's had some borrowers call about renegotiating existing credit. Since the attacks, Beatty says, staffers and the bank have made contributions to the Red Cross and employees have participated in two different blood drives. One hopeful sign in Hope: Beatty's bank had been doing a strong business in mortgage loans prior to the attacks, and he says that strong volume has continued even afterwards. Elsewhere an Main Street * Cedar City, Utah: Ron Heaton, president and CEO, State Bank of Southern Utah, narrates initial developments there: was in the bank at 7:45 MDT and watched the events unfold on the CNN Financial Network. checked our modes of transportation for our work to Salt Lake City. (We had to use ground transportation.) checked the Fed Wire and ATM systems. then watched for reports from the Fed and the state, and finally called all of our offices to reassure them that the banking system was intact. I asked them to reassure customers and report any requests for large withdrawals. In the event, only one customer made such a withdrawal, says Heaton, for $50,000. Followup is on Heaton's mind: We have been reviewing disaster plans, operating procedures, and back-up plans. And also this: Some of us bought SkyWest airline stock the day the market opened and said, 'In your face, Osama bin Laden! * Hudson, Wis.: Community banker Ken Heiser, president and CEO at First National Bank of Hudson, says that so far there hasn't been much customer reaction to speak of. A handful of customers came in to withdraw funds in abnormal amounts. We told them, The safest place for you money right now is in the bank', says Heiser. We also said, 'You don't want that cash in your pocket or in your home'. In the most extreme case, Heiser says, a woman came in saying she thought the end of the world was coming. …" @default.
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• W296201075 title "Bankers Assess the Impact of Momentous Events: Small-Bank Chief Calm Customer and Employee Jitters, Deal with Rate-Shopping Borrowers, and Marshal Resources for Relief. (AROUND THE COUNTRY)" @default.
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