Wall Street Journal Making a silk purse…: Hurricane Harvey is likely to cause short-term pain but long-term gain for Texas banks, say bankers in the Houston area. As in previous storms, economic disruptions are likely to be modest, while the storm could fuel a longer-term boom.
“What we’ve typically seen, because of insurance money and federal assistance and construction, it will provide somewhat of an economic boom for the community over the next year or two,” said Geoff Greenwade, CEO of Green Bancorp. “In the long run, this will create a robust economy for the state. You’ll see deposits increase in Texas banks because of the insurance money,” added David Zalman, CEO of Prosperity Bancshares.