Flint Bank discusses rising interest rates and South Ga. banking trends
ALBANY, Ga. (WALB) - As inflation continues to be a topic, rising interest rates and banking trends have also become a concern for some residents.
WALB News 10′s Jim Wallace spoke with Frank Griffin, the President of Flint Community Bank, to speak about those rising interest rates and South Georgia banking trends.
Griffin said the kind of activity they are seeing at the bank right now are things like more business customers, as interest rates have been raised by the Fed in recent months.
“Here in Albany Jim, loan demand is still really good. Our customers are primarily business customers, active in this market. Albany is still a unique place to do business. Our folks are analyzing the situation,” he said. “They are concerned about rising interest rates, but we haven’t had many people rushing the door and saying we need to get this loan done before rates go up. Although of course, any person is going to think about rates and that carry cost is important. But right now from a business community standpoint, our customers are still actively seeking opportunities in ways to do business in Southwest Georgia.”
In this time of inflation, experts are saying they will probably raise rates again. Griffin said he expects interest rates will rise.
“Right now, it’s looking like 75 basis points will be the raise, taking the prime interest Rate from 5.5% to 6.25%,” he said.
Griffin added that they have not seen that trend for many years.
“That is again a concern, but right now there are other aspects of the rising interest rates environment that is helpful to some people, who actually have deposits. And found themselves in a position for the first time in a long time where they can earn some decent income with deposit rates going up as well as loan rates going up.”
How do you see the future right now, what would you like them to keep in mind as they do their business?
Griffin said in the future, he wants business owners to succeed in not just Albany but in South Georgia.
“I’m still very optimistic about Southwest Georgia. I believe Albany and Southwest Georgia is a great place to be, live and work and do business. It is understandable the concern that the cost to do business is going up, with this increase in interest rates but prices are going up as well, so hopefully, the good business manager can manage his profit enough to survive, even possibly thrive in this environment,” he said.
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