People worried about financial future

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Bryan Bank and Trust in Richmond Hill.

By Melanie Ruberti - bio | email

RICHMOND HILL, GA (WTOC) - The customer service lines in the Bryan Bank and Trust in Richmond Hill continue to move at a steady pace.

It's a good sign for CEO and chairman Jimmy Burnsed. The financial straights our nation is facing seem to be staying to our north.

"Most of the news has been about Wall Street and most of us don't make our living on Wall Street. We make our living here in coastal Georgia and coastal Georgia has a bright future," he said.

But where the future may be dim is in retirement plans. With the latest economic roller coaster ride and no relief in sight, 401-K's may be in peril.

"Not many people today are on a fixed pension as they used to be," Burnsed explained. "They're relying on their stocks and bonds and their 401-K plan. All of those plans have been damaged."

Burnsed has been in the banking business for more than 50 years and says this is one of the worst financial episodes he's ever seen.

"Most of us in the older generation haven't seen it to this degree," said Burnsed.

But 83-year-old Cecil Tuten, has. He's seen the American economy at its very worst. Tuten lived through the Great Depression when his family lost all their money during the stock market crash of 1929.

"But we still had resources," Tuten remembered. "We had the farm where we grew all our food. As long as you had that resource, you could borrow money from the bank because you had collateral."

But they still had to pay it all back, which the Tuten family finally did in 1936. His family and the nation, did recover from that period only to face a similar situation in the 1970's and 80's when the stock market crashed again and the nation faced inflation.

"It was just a time when you had to cut back and conserve a little bit," Tuten said. "But it wasn't anything like the Depression was."

Each time, he remembered the economy bounced back. Tuten believes it will bounce back this time too.

"We're in a bad situation, but I don't think we're in bad shape, if people don't panic," he said.

Burnsed shares a similar outlook. He believes if the economic bailout legislation is passed, the economy and America, will recover.

"It's not going to happen overnight," he explained. "In 12 to 24 months, we ought to see a much improved economy, particularly on a local level."

Burnsed says the local banks aren't in any danger of closing, but he is urging people to make sure your bank has FDIC insurance on all your accounts. If not, find a bank that does.