MOUNT VERNON — As foreclosures began to rise, banks began to fail and the nation’s economy took a dive. All the while, the average citizen was lost and confused. In an effort to relieve the confusion and bring our readers face to face with knowledgeable leaders from our community, the Mount Vernon News announces a Financial Information Session, Tuesday, from 7 to 8:30 p.m., at the Free Enterprise Building on the campus of Mount Vernon Nazarene University.
“Six months ago, what everyone was worried about was whether the country was going into a recession,” said Mount Vernon News Editor Cheryl Splain, organizer and moderator for the event. “A lot has changed since then. We’ve had bank failures, Fannie Mae and Freddie Mac went into conservatorship, Lehman Brothers failed and the government bailed out American Insurance Group. Plus, we’ve had a $700 billion bailout, and now the stock market is swinging up and down on a daily basis and people’s retirement and savings plans are in jeopardy.
“These changes have caused a lot of concern in the community, and have raised a lot of questions. People are wondering where to put their money so it’s safe, and are wondering if their local bank is solid. This forum is designed so people can ask their questions, learn some information, and hopefully be better prepared to make informed financial decisions.”
A group of panelists, representing local financial institutions, an investment advisor and professors from MVNU and Kenyon College, will discuss current economic topics including an overview of the credit markets and how they work, the government takeover of Fannie Mae and Freddie Mac (what led to the takeover and what has happened since), explanation of Federal Deposit Insurance Corp., including its limits and increases, reviewing the events that led to the government bailout of the economy and where we are today, among others.
Those sitting on the panel will include Gordon Yance, president of First-Knox National Bank; Gene Jackson, regional manager of National City Bank; Kelly Schermerhorn, president of CES Credit Union; Jeff Arnette, a representative from Edward Jones; William Melick, Kenyon economics professor; and David Skinner, finance professor from MVNU.
Each panelist will discuss a current topic of interest during the first session of the night. The second session will be a question-answer period giving the public the opportunity to gain clarity on questions of interest.
“We want to provide information and a forum for folks to ask questions,” said Splain.
CES Credit Union was already considering offering a similar opportunity for the public when asked to join the panel sponsored by the News.
“We want to stay ahead of the curve and let people know the way things are,” said Schermerhorn.
Schermerhorn hopes the seminar presents a sense of calm in the community as far as the solidity of local credit unions and banks.
“In the local market, there is nothing wrong with the true local financial institutions,” he said.
One of the keys to wading through all the information Schermerhorn said is to remain calm and not react with emotion. Gaining as much knowledge and understanding as possible from this seminar can go a long way in assisting residents in making sound financial decisions.
Schermerhorn, along with the other panelists, will provide the much needed financial information to inform those in attendance and explain the activity that forges our economy, allowing us to make the right decision with our own personal finances.
The event is free. No reservations are required.
