Another factor in the banking comeback is an improving economy. “Even though the economy is a little bit sluggish, we do have positive growth and have for a few years now,” Mr. Newbury said. “That’s better than no growth.”
Bankrate.com analyst Greg McBride said the rising economy has played a role in turning around the banking industry.
“It all revolves around the economy,” Mr. McBride said. “When the economy’s bad, people don’t borrow money and they don’t pay back what they’ve already borrowed. When the economy’s better, borrowing increases and people are more likely to pay back the money they owe.”
© Copyright 2013 The Washington Times, LLC. Click here for reprint permission.
Tim Devaney is a national reporter who covers business and international trade for The Washington Times. Previously, he worked for the Detroit News, Grand Rapids Press, Portland Press Herald and Bangor Daily News. Tim can be reached at tdevaney@washingtontimes.com.
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