MILWAUKEE — Sound or unsound? What does the banking crisis mean for your local bank or business?
"Local banks in Wisconsin are very well capitalized. We're more traditionally based, meaning we take local deposits, we make local loans supporting consumers and local businesses and privately held companies here in Wisconsin," said David Schuelke, CEO of the Brookfield community-based Spring Bank.
Schuelke was @TheTable Wednesday night to talk about banking concerns after three regional banks, none based in Wisconsin, failed in March.
"Local banks here in Wisconsin are very different from the business model that those banks operated in," Schuelke said. "They had very unique business models. They had very few insured depositors, most of their deposits were uninsured. And that caused, if you will, a crisis for that bank within this rising rate environment."
Money that comes in helps local banks make loans to businesses in the community.
"Community banks and smaller regional banks, I believe, play a very important role in local economies," said Schuelke.
A role that comes with being in the community and establishing relationships even when economic times might seem uncertain.
"We take local deposits, we make local loans, we are supporting the small businesses and growing businesses around the state of Wisconsin," said Schuelke.
Watch the full conversation in the video at the top of this article.
Charles Benson and Shannon Sims interview key people in our community during TMJ4's @TheTable segment weeknights at 10 p.m.
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