Altabanking episode 27 with Howard Headlee
Altabanking Interview KSL Radio Transcript: Howard Headlee, Utah Bankers Association
Segment title: Banking Trends with Howard Headlee of Utah Bankers Association
GRANT: Welcome to Altabanking. Weekly business talk geared toward elevating your financial future. Howard Headlee is President of Utah Bankers Association. And Howard, it’s been an interesting ride this year for the banking industry, share with us what trends you’ve seen and how banking is fairing overall.
Howard: Well this year, is really demonstrating the special relationship between banks and the communities they serve. A community can’t thrive without strong banks, and banks only thrive when the communities they serve are strong. Most people know that Utah has the strongest economy in the nation, but they don’t know that Utah is the fifth largest banking state in America. So it really wasn’t a surprise to me that Utah outperformed nearly every other state when it came to PPP loans.
GRANT: How have banks fortified themselves to be prepared for an economic downturn like the pandemic? And what can banks do now to continue to be successful as the pandemic continues?
Howard: Well, banks have been planning for this pandemic for decades. We know that we have to be there for our customers, and I don’t think any banks missed a beat when the pandemic broke. We’re also well prepared for the pandemic from an economic perspective. We had historically high levels of capital and plenty of liquidity to meet the needs of our customers, especially small businesses. I just can’t tell you how rewarding it was to be able to step up and meet the needs of our communities during this enormous time of need.
GRANT: What do you anticipate happening in the banking industry during this last quarter leading into the new year?
Howard: Well, we’re cautiously optimistic. Let’s be honest, Utah’s just about the best place to be when it comes to this pandemic from any number of perspectives, but particularly, economically. We are pleased to see a lot of people working and a lot of industries that are doing well. But banking touches every segment of our community and there are some that are really struggling. Every banker knows that if there’s a problem out there in the community, it will eventually find its way into the banks. So, that’s why bankers are so engaged at addressing the challenges that we face, proactively.
GRANT: Thank you, Howard This has been Altabanking. Brought you by Altabank. Member FDIC.