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Local banks accept funds to stimulate economy
Published Thursday, February 12, 2009 at 10:12 AM
Valley Bank and Banner County Bank are receiving capital infusions from the U.S. Treasury to help provide loans to consumers and businesses. Banner County Bank Corp. of Harrisburg will get $795,000, and First Express of Nebraska, Inc., which owns Valley Bank, will receive $5 million.

President John Stinner says Valley Bank will use the Capital Purchase Program funds from the U.S. Treasury to loan $60 million within the communities the bank's eleven branches serve in Nebraska and Colorado.

The money is only available to "well-capitalized, healthy banks." Stinner says at the present time his bank has more loans in process in terms of residential mortgages than they've ever had. He says a lot of them involve refinancing but it shows there is progress in getting credit opened up.

Stinner also says it's a reminder that the local banking community has kept itself in a healthy position compared to Wall Street banks and those in other parts of the country.

Two other Nebraska bank companies are part of the program, including Adbanc, Inc., the holding company for Adams Bank & Trust, based in Ogallala.

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