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Banking in Today's Economy

There is so much media attention on our economy today; it is very difficult to keep up with the latest news and to separate fact from rumor or fiction. For one thing, much of the negative news refers to "banks" when in fact the problem is often relating to an insurance giant or brokerage house.

Actually, there are just a small percentage of banks in jeopardy today. Admittedly, a few were truly huge in size but still the vast majority of banks are safe and sound. Gulf Coast Community Bank is in this latter group; we are well capitalized and are proud to say that we continue to grow as we just opened our fifth location in Gulf Breeze.

Banking in Northwest Florida is different than on Wall Street, but that doesn't mean some things haven't changed. For sure, loans today are harder to get. Higher cash down payment are almost always mandatory. In addition, highly speculative investment ideas are almost impossible to finance. But a proven business or business owner can still find several banks in our area willing to discuss loan needs.

Fortunately our area is blessed with three large economic engines that are doing better than average. We believe that because of them, our local economy should suffer less (and recover quicker) than much of Florida and the rest of the nation. Health care, the military and tourism continue to support thousands of jobs and generate millions in local spending. Their relative strength provides a foundation for a rebound in 2009.

For more information on Gulf Coast Community Bank visit their website

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