County

Bankers comment on economy, bailout


Waller: Local economy will weather financial crisis

A conversation with Pete Waller, president of First National Bank of the Rockies in Meeker and Rangely:

Question: What was your take on the government bailout? A good thing, or a bad thing? Was it the only option available?
Answer: The “bailout” really isn’t a bailout. The firms that originally purchased the assets that are declining in value, sometimes substantially, will suffer the losses because the government will purchase these assets at current market value. In other words, at substantially below their original or par value. Many of these assets have underlining collateral securing the assets that are worth more than the currently discounted prices. That is why the media is reporting that the government may actually profit from these purchases over time.
The arguments in support of the government intervention mainly stem from the need to add liquidity (cash) into the system in order to facilitate the purchase and sale of these assets. A lack of liquidity or willingness for traders to trade in these securities is what has seized up the markets and caused the current “crisis.” While there will no doubt be parts of the plan that we will not like or agree with, the need to get the financial markets moving again is real. The plan will be like taking bad tasting medicine — necessary but not pleasant.
Q: How do see the northwest Colorado economy faring, based on what’s happening nationally?
A: Our local economy is strong. Unemployment is low and jobs are plentiful. Residential real estate sales have slowed, but that looks to be temporary. It only should take about six months to have the excess housing inventory sold off, then our housing market should stabilize, absent an unforeseen event that would cause the current rate of sales to slow further.
Q: We haven’t seen anything like a run on banks here, but have you heard from people who have expressed concern about the safety of their money?
A: We haven’t seen a “run” on the banks, and we don’t believe we will. Our bank is well capitalized and in good shape to weather this current situation. This is mostly a Wall Street problem, not a Main Street problem. The banking industry is in very good shape to deal with the current problems. Ninety-eight percent of the nation’s commercial banks (banks like ours) are well capitalized, the highest category assigned by the banking regulators. For perspective, in 1990 there were 1,496 banks on the FDIC’s problem bank list, today there are only 117. And, historically, with the FDIC working with the banks on this list, 87 percent of them correct their problems and go back to the well-capitalized category. Over the course of the last 20 years, the banking industry has made great strides in improving the underwriting and administration of credit. That is why we ask for more detailed financial information from our borrowing customers than we used to.
We are talking to people regularly about the safety of their money. One cannot blame people for being anxious and concerned. Most are covered by FDIC insurance. Those who aren’t have been generally satisfied with the explanation of the bank’s financial condition. The bank is well capitalized and is not suffering from the Wall Street woes to the extent that investment banks are suffering. We are beefing up reserves and will be able to work through these difficult times.
Q: As far as foreclosures, what are you seeing locally, compared to what’s going on in other parts of the country?
A: We’ve not seen a noticeable increase in foreclosures. In fact, our bank does not have even one foreclosed upon property on our books. While we’ve noticed somewhat an increase in foreclosure notices in the newspapers, we are nowhere near the levels seen in some parts of the country.
Q: Overall, how do you see the local economy weathering this financial storm?
A: We believe the local economy is well positioned to weather this situation. As long as the energy sector remains intact, our local economy will remain very strong as opposed to other areas of the country. With the investment being made in the energy sector we suspect our economy will continue to provide jobs and help to keep our local economy strong. Additionally, the quality of life that we enjoy here in western Colorado will continue to make this a desirable place for people to live and work and that will keep people wanting to be here.

Clatterbaugh: People see community banks as safe
A conversation with Bruce Clatterbaugh, president of Mountain Valley Bank in Meeker:

Question: What was your take on the government bailout? A good thing, or a bad thing? Was it the only option available?
Answer: The bailout is passed and now we are trying to figure out how to implement the program. Getting the liquidity into the system on a timely basis will be tough. How that enters the system and when will be critical. From a small-town perspective, maintaining confidence in your local bank and keeping deposits at home will be the key to local banks being able to continue to fund local loans. Local banks need to be looked at as a “safe haven” as investors work through the stock market and other investments, this is supported by the higher FDIC limits.
The stock market has taken a fairly significant hit and will continue to do so as the national and world economy adjust to these new times. Each investor will need to determine their level of patience and how they want to stay in the market; eventually it will come back.
Q: How do see the northwest Colorado economy faring, based on what’s happening nationally?
A: Locally, we will see an effect, mortgages will be tougher to get, credit quality will be more important, access to credit will be tougher, especially national accounts, like car financing, credit cards, etc.
Q: We haven’t seen anything like a run on banks here, but have you heard from people who have expressed concern about the safety of their money?
A: People’s perspective of the safety in their community banks appears good. I do not think we will see much pressure and, obviously, if the FDIC raises (protection) limits that will help.
Q: As far as foreclosures, what are you seeing locally, compared to what’s going on in other parts of the country?
A: Foreclosures here should remain down. I do not expect a lot of negative pressure. What does occur will be on homes bought in the past couple of years which have not had an opportunity to cure.
Q: Overall, how do you see the local economy weathering this financial storm?
A: The economy in our market will continue to be above the national economy; however, we will feel the effect in recreation, second home markets and other external areas. This is uncharted water, so a wait-and-see attitude is called for. I think we are still on the short side of this downturn; it will take a while to work through.

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@ht.1885
  • It’s getting late, do you know where your kids are? Read all the Rio Happenings for this week in print or online at ht1885.com.
  • Mormon crickets have hatched near Rangely. They were all sighted on BLM land north of Hwy. 64 near the junction of CR 96 and CR 1, down a dirt road near the Moffat County line.  The picture shown was taken yesterday by Mary Meinen from Rangely. She says the crickets are about the size of a ladybug (less than 1/2”). Some of them are actually yellow in color but most of them are darker. They are milling around and getting ready to start moving soon. Note: Photo is not to scale.
Rio Blanco County and the White River and Douglas Creek Conservation Districts are still asking for your help to identify additional hatch-outs of crickets so that control efforts can be put in place. The success of the program will highly depend upon local landowners and the public helping to locate crickets as soon as they hatch.  See last week’s paper for a list of ways to help or contact the County Weed & Pest District at 970-878-9670 or the Conservation District office at 970-878-9838 with any questions. Website: www.WhiteRiverCD.com
  • Read part three of the story of M.T. Streeter in this week’s edition of History Lessons! Find it in this week’s edition and online at ht1885.com.
  • Meeker FFA Chapter members competed at the District Leadership Development Event in Craig, Colorado, this month. Top row from left to right: Eva Scritchfield, Charlie Rogers, Alan Rivera, Trent Sanders, Koy Weber, Orion Musser, Said Rodriguez, Carlos Carrillo, Aidan Tapia, Hayden Garcia, Tristan Rollins, Mathew Willey, Quentin Simpson. Middle row: Sidney Keetch, Aurora Stallings, Sydnie Ross, Ava Nay, Lili Piper, Leah Wood. Bottom Row: Jaicee Simmons, Kailynn Watson, Cody Richardson, Kayla Castillo, Braydin Raley, Autumn Stallings, Aimee Shults, Emily Hamm. Read the full story online at ht1885.com.
  • Choose-your-own-adventure…. Hear from our Editor in this week’s edition and online at ht1885.com.
  • A crew from the Flat Tops Chapter of the Rocky Mountain Elk Foundation joined forces last summer to remove obsolete fences to improve habitat for wildlife. Read the full story and the foundation’s update from their 30th Anniversary meeting in this week’s edition and online at ht1885.com.
  • Black Sulphur Tavern held a grand opening and ribbon cutting for their new business at 364 Seventh St. The space has been renovated with several TVs and games and provides a fun, friendly atmosphere to watch your favorite sports team and enjoy a burger and wings. Owners Frank Maestas and Pat Maestas are pictured with their new staff and Chamber of Commerce representatives Stephanie Hanson, Trudy Burri and Margie Joy. Follow Black Sulphur Tavern on Facebook. Their hours are Wednesday and Thursday 3-9 p.m., Friday 3 p.m. - 1 a.m., Saturday 11-1 a.m., Sunday 11 a.m. to midnight.
  • The winning teams and individuals for the 18th annual White River Community Association Buy-Fly Fishing Tournament are as follows. Individual top weight catch was Dave Metrovich and longest fish was Kevin Massey. First place team won by Rio Blanco Abstract: Erik Eckman, Adam Parrett, Dave Metrovich and Wayne Kirkpatrick. Second place team was Drake Consulting: Travis Kaiser, John Douglas, Tony Bartolomucci and Bob Brandeberry. Third place team Mr. Rogers and the Hood (accepted by Doug Rogers) Gary Rogers, Mark Beauchamp, Kyle Schutte and Rick Gunter. The white fish have been frozen and will be served at the annual White River Community Association fish fry fundraiser in June.
  • Cowboy Carson Klinzmann on the mound for Meeker at Suplizio Field in Grand Junction last Saturday. Meeker took on the 4A Rifle Bears, losing 11-1, and the Basalt Longhorns, losing 7-3. Read the recap online at ht1885.com.
It’s getting late, do you know where your kids are? Read all the Rio Happenings for this week in print or online at ht1885.com.
It’s getting late, do you know where your kids are? Read all the Rio Happenings for this week in print or online at ht1885.com.
2 days ago
View on Instagram |
1/9
Mormon crickets have hatched near Rangely. They were all sighted on BLM land north of Hwy. 64 near the junction of CR 96 and CR 1, down a dirt road near the Moffat County line.  The picture shown was taken yesterday by Mary Meinen from Rangely. She says the crickets are about the size of a ladybug (less than 1/2”). Some of them are actually yellow in color but most of them are darker. They are milling around and getting ready to start moving soon. Note: Photo is not to scale.
Rio Blanco County and the White River and Douglas Creek Conservation Districts are still asking for your help to identify additional hatch-outs of crickets so that control efforts can be put in place. The success of the program will highly depend upon local landowners and the public helping to locate crickets as soon as they hatch.  See last week’s paper for a list of ways to help or contact the County Weed & Pest District at 970-878-9670 or the Conservation District office at 970-878-9838 with any questions. Website: www.WhiteRiverCD.com
Mormon crickets have hatched near Rangely. They were all sighted on BLM land north of Hwy. 64 near the junction of CR 96 and CR 1, down a dirt road near the Moffat County line. The picture shown was taken yesterday by Mary Meinen from Rangely. She says the crickets are about the size of a ladybug (less than 1/2”). Some of them are actually yellow in color but most of them are darker. They are milling around and getting ready to start moving soon. Note: Photo is not to scale. Rio Blanco County and the White River and Douglas Creek Conservation Districts are still asking for your help to identify additional hatch-outs of crickets so that control efforts can be put in place. The success of the program will highly depend upon local landowners and the public helping to locate crickets as soon as they hatch. See last week’s paper for a list of ways to help or contact the County Weed & Pest District at 970-878-9670 or the Conservation District office at 970-878-9838 with any questions. Website: www.WhiteRiverCD.com
2 days ago
View on Instagram |
2/9
Read part three of the story of M.T. Streeter in this week’s edition of History Lessons! Find it in this week’s edition and online at ht1885.com.
Read part three of the story of M.T. Streeter in this week’s edition of History Lessons! Find it in this week’s edition and online at ht1885.com.
3 days ago
View on Instagram |
3/9
Meeker FFA Chapter members competed at the District Leadership Development Event in Craig, Colorado, this month. Top row from left to right: Eva Scritchfield, Charlie Rogers, Alan Rivera, Trent Sanders, Koy Weber, Orion Musser, Said Rodriguez, Carlos Carrillo, Aidan Tapia, Hayden Garcia, Tristan Rollins, Mathew Willey, Quentin Simpson. Middle row: Sidney Keetch, Aurora Stallings, Sydnie Ross, Ava Nay, Lili Piper, Leah Wood. Bottom Row: Jaicee Simmons, Kailynn Watson, Cody Richardson, Kayla Castillo, Braydin Raley, Autumn Stallings, Aimee Shults, Emily Hamm. Read the full story online at ht1885.com.
Meeker FFA Chapter members competed at the District Leadership Development Event in Craig, Colorado, this month. Top row from left to right: Eva Scritchfield, Charlie Rogers, Alan Rivera, Trent Sanders, Koy Weber, Orion Musser, Said Rodriguez, Carlos Carrillo, Aidan Tapia, Hayden Garcia, Tristan Rollins, Mathew Willey, Quentin Simpson. Middle row: Sidney Keetch, Aurora Stallings, Sydnie Ross, Ava Nay, Lili Piper, Leah Wood. Bottom Row: Jaicee Simmons, Kailynn Watson, Cody Richardson, Kayla Castillo, Braydin Raley, Autumn Stallings, Aimee Shults, Emily Hamm. Read the full story online at ht1885.com.
3 days ago
View on Instagram |
4/9
Choose-your-own-adventure…. Hear from our Editor in this week’s edition and online at ht1885.com.
Choose-your-own-adventure…. Hear from our Editor in this week’s edition and online at ht1885.com.
4 days ago
View on Instagram |
5/9
A crew from the Flat Tops Chapter of the Rocky Mountain Elk Foundation joined forces last summer to remove obsolete fences to improve habitat for wildlife. Read the full story and the foundation’s update from their 30th Anniversary meeting in this week’s edition and online at ht1885.com.
A crew from the Flat Tops Chapter of the Rocky Mountain Elk Foundation joined forces last summer to remove obsolete fences to improve habitat for wildlife. Read the full story and the foundation’s update from their 30th Anniversary meeting in this week’s edition and online at ht1885.com.
5 days ago
View on Instagram |
6/9
Black Sulphur Tavern held a grand opening and ribbon cutting for their new business at 364 Seventh St. The space has been renovated with several TVs and games and provides a fun, friendly atmosphere to watch your favorite sports team and enjoy a burger and wings. Owners Frank Maestas and Pat Maestas are pictured with their new staff and Chamber of Commerce representatives Stephanie Hanson, Trudy Burri and Margie Joy. Follow Black Sulphur Tavern on Facebook. Their hours are Wednesday and Thursday 3-9 p.m., Friday 3 p.m. - 1 a.m., Saturday 11-1 a.m., Sunday 11 a.m. to midnight.
Black Sulphur Tavern held a grand opening and ribbon cutting for their new business at 364 Seventh St. The space has been renovated with several TVs and games and provides a fun, friendly atmosphere to watch your favorite sports team and enjoy a burger and wings. Owners Frank Maestas and Pat Maestas are pictured with their new staff and Chamber of Commerce representatives Stephanie Hanson, Trudy Burri and Margie Joy. Follow Black Sulphur Tavern on Facebook. Their hours are Wednesday and Thursday 3-9 p.m., Friday 3 p.m. - 1 a.m., Saturday 11-1 a.m., Sunday 11 a.m. to midnight.
5 days ago
View on Instagram |
7/9
The winning teams and individuals for the 18th annual White River Community Association Buy-Fly Fishing Tournament are as follows. Individual top weight catch was Dave Metrovich and longest fish was Kevin Massey. First place team won by Rio Blanco Abstract: Erik Eckman, Adam Parrett, Dave Metrovich and Wayne Kirkpatrick. Second place team was Drake Consulting: Travis Kaiser, John Douglas, Tony Bartolomucci and Bob Brandeberry. Third place team Mr. Rogers and the Hood (accepted by Doug Rogers) Gary Rogers, Mark Beauchamp, Kyle Schutte and Rick Gunter. The white fish have been frozen and will be served at the annual White River Community Association fish fry fundraiser in June.
The winning teams and individuals for the 18th annual White River Community Association Buy-Fly Fishing Tournament are as follows. Individual top weight catch was Dave Metrovich and longest fish was Kevin Massey. First place team won by Rio Blanco Abstract: Erik Eckman, Adam Parrett, Dave Metrovich and Wayne Kirkpatrick. Second place team was Drake Consulting: Travis Kaiser, John Douglas, Tony Bartolomucci and Bob Brandeberry. Third place team Mr. Rogers and the Hood (accepted by Doug Rogers) Gary Rogers, Mark Beauchamp, Kyle Schutte and Rick Gunter. The white fish have been frozen and will be served at the annual White River Community Association fish fry fundraiser in June.
6 days ago
View on Instagram |
8/9
Cowboy Carson Klinzmann on the mound for Meeker at Suplizio Field in Grand Junction last Saturday. Meeker took on the 4A Rifle Bears, losing 11-1, and the Basalt Longhorns, losing 7-3. Read the recap online at ht1885.com.
Cowboy Carson Klinzmann on the mound for Meeker at Suplizio Field in Grand Junction last Saturday. Meeker took on the 4A Rifle Bears, losing 11-1, and the Basalt Longhorns, losing 7-3. Read the recap online at ht1885.com.
6 days ago
View on Instagram |
9/9

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