ABILENE, Texas (KTAB/KRBC) – Many banks closed during the pandemic, some of them for good. But leaders at First Financial Bank in Abilene say they’re doing well.
At First Financial Bank’s annual meeting on Tuesday, officials reported seeing $65 million deposited in just one day from stimulus checks.
“It’s interesting that people aren’t really spending it, they’re saving it,” says Scott Dueser, president and CEO. “And so, it’s staying in the bank, and we expect them to spend it over a period, but most of it is really staying there in deposits.”
Leaders at the bank’s annual shareholders meeting say they didn’t look at the pandemic as a hurdle, but as fuel for their performance.
Executive Vice President Will Christofferson says that since their banks were open when most banks were closed, they saw an increase in home and car loans.
“Here in Abilene, we have the lowest inventory of housing that we’ve ever had before,” says Christoferson.
Dueser says they had a lot of interaction with their customers.
“A lot of them wanted to talk, they needed to understand how to do the application, so we were there right with them to walk them through it,” Dueser says.
While many banks may have seen dips in their performance, First Financial saw no negative changes despite the pandemic.
In October 2020, First Financial was recognized as the #1 bank in Texas by Newsweek.