When is a “bank” not a bank?
One of the challenges for Roger Beverage, president of the Oklahoma Bankers Association, is to explain how Oklahoma banks are doing better than their counterparts in other states. One of the things that makes his job more difficult, he says, is that the media has regularly referred to large investment banks like Morgan Stanley and Bear Stearns as “banks.” Those huge — and shaky – institutions don’t have much to do with the local community bank where you keep your checking account and your car loan, Beverage says.
“The difference between what real banks do and what these other people that are called “banks” did is banks ask the question: Can you and will you pay this money back if I lend it to you?” Beverage said.
Don Mecoy
Business Writer
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