[Congressional Record (Bound Edition), Volume 155 (2009), Part 13]
[Extensions of Remarks]
[Page 17743]
[From the U.S. Government Publishing Office, www.gpo.gov]




     HONORING FROST, HOMETOWN, MOODY NATIONAL AND TEXAS FIRST BANKS

                                 ______
                                 

                             HON. RON PAUL

                                of texas

                    in the house of representatives

                         Tuesday, July 14, 2009

  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.
  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.
  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.
  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.

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