Coffee's banker offers details on tax loan
Release sent to the media by H.K. Hatcher, President of NBC Bank in Oklahoma City on Monday. The bank loaned Senate President Pro Tempore Sen. Glenn Coffee money to pay his 2006 taxes.
BANKER SAYS LOAN SECURED BY GLENN COFFEE
TO PAY FEDERAL TAXES IS A STANDARD BUSINESS TRANSACTION BETWEEN LENDER AND BORROWER
The bank loan used by Oklahoma Senate President Pro Tem Glenn Coffee to pay his federal tax for 2006 was a standard business loan issued by a federally-regulated bank with normal conditions and requirements like any other loan, according to the president of the bank.
H.K. Hatcher, President of NBC Bank in Oklahoma City, said, “While I appreciate Senator Coffee’s desire to avoid exposing our bank to political controversy, I can no longer sit back while a good and honorable man is attacked. I have thus asked Senator Coffee’s permission to speak out and clear the air on this matter.
“Our bank has a longstanding business relationship with Glenn Coffee and his family. This loan was made in the ordinary course of business. The interest rate, maturity, collateral and other terms of this loan are in keeping with our standard lending practices. Glenn Coffee, like every one of our customers, had to meet the required conditions before we would agree to loan him the money. He met those requirements and we loaned him the money. As is always the case with Glenn Coffee, he was professional throughout the process.”
Hatcher added, “The loan is a straight-forward, customary business transaction in accordance with all the standards set forth by NBC Bank and banking regulations. This loan is no different from the hundreds we transact for customers every month.”
“On a personal level, Glenn Coffee and his family enjoy an outstanding reputation with our bank. They have always been thoughtful and responsible in their dealings with us. I have only the highest regard for Glenn and I appreciate and respect his leadership in our state,” Hatcher stated.
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