HONORING FROST, HOMETOWN, MOODY NATIONAL AND TEXAS FIRST BANKS
Not linked on Ron Paul’s Congressional Website.
HON. RON PAUL
OF TEXAS
IN THE HOUSE OF REPRESENTATIVES
Tuesday, July 14, 2009
2009 Ron Paul 76:1
Mr. PAUL. Madam Speaker, at a time when
the financial headlines are dominated by stories
of financial institutions seeking taxpayer
funds and other special privileges, I am
pleased to call my colleagues’ attention to a
story from the Galveston Daily News about
how four community banks came together to
help their friends, neighbors and customers
begin to recover and rebuild from Hurricane
Ike. I ask for unanimous consent to insert this
story into the CONGRESSIONAL RECORD.
2009 Ron Paul 76:2
Last fall, as the people of Galveston were
assessing the damage from Hurricane Ike and
Congress was beginning debate on spending
billions of taxpayer funds to bail out irresponsible
financial institutions, representatives of
Frost, HomeTown, Moody National and Texas
First banks met to discuss how these banks
could help jumpstart hurricane recovery efforts.
The four banks agreed to make unsecured
bridge loans to Galveston businesses to
ensure these businesses had access to capital
while they waited for federal assistance and
insurance payments.
2009 Ron Paul 76:3
The four banks made more than $40 million
in recovery loans. These loans provided lifelines
to many businesses struggling with both
the devastation of Hurricane Ike and the credit
crisis. Without the efforts of these four banks,
several Galveston businesses would have had
to shut their doors.
2009 Ron Paul 76:4
In conclusion, Madam Speaker, I extend my
thanks to management and employees of
Frost, HomeTown, Moody National, and Texas
First banks for their efforts to help the businesses
and people of Galveston recover from
Hurricane Ike.
