Economic Interests - In Praise of Prudence

by Bruce Stokes

Sat. Sep. 15, 2007


In the 1950s, the largest bank in my hometown of Butler, Pa., was owned by the community's richest man. He was envied for his success and resented for his parsimonious lending practices. But his bank thrived, in part because his own financial self-interest was inextricably linked to the economic well-being of his community. If he made good loans, both his bank and Butler prospered. If his lending showed poor judgment, he would suffer, along with his depositors and his community.

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