The Week's Best Quotes: Gay Bankers Talk Progress; the Payday Lending 'Deathtrap'

May 14, 2013 8:00 AM

The most notable quotes from American Banker stories of the previous week. Readers are encouraged to add their own observations in the Comments fields at the bottom of each slide.

(Image: Shutterstock)

Shelley Freeman, Wells Fargo's (WFC) head of Florida operations, comparing NBA player Jason Collins' announcement that he is gay with her efforts to encourage bank employees to come out:

"That basketball player saved lives. I'm not helping save lives. I'm just letting tellers know they could be a Florida regional president someday."

On enforcement action against Maryland's Community First Bank over charging higher loan rates to white males and married couples than to minorities:

"Even the banks that have the resources and the will to comply with fair lending laws to the best of their ability face pretty significant challenges,"

Thomas Eck, associate general counsel specializing in fair lending at Capital One Financial

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N.Y. Attorney General Eric Schneiderman on taking action against Bank of America (BAC) and Wells Fargo independent of other regulatory agencies:

"There's more than one cop on the beat."

Berkshire Hathaway Vice Chairman Charlie Munger on why large banks should be broken up:

"I think an ideal bank is pretty boring."

(Image: Bloomberg News)

On why Taylor Capital Group (TAYC) founded a unit to fund employee stock-ownership plans:

"If you aren't growing, you're dying There's not a lot of loan demand, so we have to create our own demand."

Lawrence Ryan, Taylor's chief lending officer

On why small M&A deals are welcome in a slow market:

"Investors are waiting for stuff that moves the needle more. But let's face it, that's not what's out there."

Brett Rabatin, an analyst at Sterne Agee

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On why Sterling Financial (STSA) is bucking the conventional wisdom that banks should only crack the $10 billion-asset barrier with a huge deal:

"In a perfect world, you go right from $10 billion to $11 billion and go on your merry way. [But] the risks of trying to force something just to get there faster far outweigh not getting past that level quickly."

Pat Rusnak, Sterling Financial CFO

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On why the prospects are good that Texas bank deals will heat up in the final three quarters of the year:

"We are aware of a number of discussions going on."

David Brooks, CEO of Independent Bank Group (IBTX)

Steve Calk, CEO of Federal Savings Bank in Kansas, on how his bad experience as a soldier-borrower motivated him to develop a specialty in lending to military members:

"We should be grateful to these individuals for serving this country."

Related Article: Kansas Lender Carves Out Military Niche

Kat Taylor, CEO of One PacificCoast in Oakland, on payday lending:

It is "a death trap that ruins individuals, households and whole communities" and "the scourge of our time."

On why some banks are reluctant to shed branches even as more customers bank online:

"Bank branches are heavily dependent on selling, with all the incentives based on converting foot traffic into sales. That's really hard to give up because all the employees are trying to hit these monthly sales quotas."

Tony Driscoll, principal at consulting firm Continuum

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