Banks and Investment Firms Increase Communications to Calm Worries

People are assaulted with a constant barrage of bad news about the economy simply by picking up a newspaper. Banks and investment firms are responding by fielding more calls from worried clients, and increasing communications to put the downturn in perspective and provide hope for the future.

Chris Ray, CEO of the Ramey Agency, said financial services companies that were prudent and conservative should communicate that.

"I think, generally speaking, you are seeing a flight to quality with consumers," Ray said. "Because the economy is going through unchartered waters, a lot of consumers are frozen like deer in headlights. I don't think anyone can predict how long this mess can continue. Our counsel is to let stakeholder groups know the company is safe, strong and secure. That has been the resounding message."

Two the Ramey Agency's major banking clients are BankPlus based in Belzoni, and the Stevens Inc. Investment Bank based in Little Rock, Ark. Ray said both companies are strong and well capitalized. They didn't engage in risky lending practices.