LAKE JACKSON, Texas — Texas Dow Employees CU, one of the largest locally-owned financial institutions, is calling on Texans to shun the out-of-state and international banks that are buying up increasing parts of the local market.
In a new campaign called ‘Bank with Texans,' the $1.3 billion credit union is trying to encourage Texans to keep their money in or move it to locally owned credit unions and banks.
The campaign's website makes references to recent troubles at Bank of America and Wells Fargo, and the purchase of failed Guaranty Bank by Spanish banking giant Banco Bilbao Vizcaya Argentaria, who are it referred to as "carpetbaggers."
"In the mid-1990s out-of-state banks, with taxpayer-supported FDIC subsidies, descended on Texas like carpetbaggers descended on Texas after the Civil War," said Texas Dow Employees CEO Ed Speed, explaining his motive for creating the campaign. "Locally-owned Texas banks and credit unions had to compete with these government-subsidized banking giants who took over the deposits of Texans while calling in loans that forced many Texas companies out of business."
"Now many of these same banks are themselves in trouble. This time the federal agencies did not let these giant non-Texas fail as they did our Texas banks back in the 1990's. Today, the federal treasury, using taxpayer money, is propping up these troubled, giant banks with virtually no-cost taxpayer money," he said. "Once again, local Texas banks and credit unions are forced to compete with government-subsidized national giants."
"These institutions don't give a damn about Texas," said Speed's message. "We've had enough."
"If you've had enough too, we ask you to tell your friends, family and business associates and ask them to spread the word. If you've really had enough, think about moving all your money to a locally-owned credit union or bank."