Experts say financial crisis not affecting DE banks
By Frank Gerace
A couple of local financial experts say the financial market meltdown isn't affecting Delaware banks.
WDEL's Frank Gerace reports. Audio Here
UD professor Doctor Charles Elson told WDEL's Delaware Afternoon News the banking
industry's inter-relatedness means more than just the big investment firms like Lehman
Brothers were affected by Fannie Mae and Freddie Mac's collapse--some banks in other
states were destabilized.
All the same, says PNC Bank Delaware President Connie Bond Stuart, there's no reason
to pull your money out of your bank and stuff it into your mattress--the Federal Deposit
Insurance Corporation, or FDIC, backs each bank customer's deposits up to 100 thousand
dollars.
The FDIC was set up to restore public confidence in the banking system after thousands
of banks failed in 1933.
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