This certainly has been a busy week for the campaign, and the week’s events aren’t done yet. Let me say first that I was very impressed and pleased with the more than 60 Oneonta High School government students that attended Thursday night’s Blount County Democrats meeting. At the meeting, former State Rep. Bob Harvey gave instruction about the state budgetary process, as well as snipits of Montgomery Politics 101. I was afforded the opportunity to follow Bob, and inform the students and Blount County Democrats about our campaign for the Treasurer’s office – giving particular focus to PACT. It was a great opportunity, which was made even more special by the attendance of our local high schoolers.

As for two of the more substantive issues in the Treasurer’s campaign, there were developments this week concerning both PACT and community banking.

The Treasurer’s office is reporting that Governor’s office has delayed the release of the RSA study on PACT, so that the report will not be available for the review of the Treasurer and entire PACT board before the Aug. 19th PACT board meeting.

I was disapointed to learn of the Governor’s position, because I believe that PACT participants should be treated as partners in any solution of PACT. And, this partnership should include the state’s sharing of information regarding PACT’s viability.

Before any necessary solution can be taken by the legislature or PACT board towards remedying the failings of PACT, we must fully understand PACT’s present status and the breadth of challenges in its future. The release of RSA’s analysis of PACT is necessary towards quickly and successfully adapting PACT’s longterm strategy.

I still plan to attend the upcoming meeting of the PACT board, however, without the release of the RSA report, I doubt much will be accomplished at or learned from the meeting.

In regards to Alabama’s local banking system, it is being announced today that Colonial Bancshares will be purchased by the North Carolina banking system BB&T.  BB&T already has a strong presence within Alabama and does have a relationship with Alabama’s Treasury. I hope that most, if not all, of Alabama’s Colonial Bank employees will be retained by BB&T.

However, it must be said that Colonial’s demise marks close of the dissolution of Alabama’s mega-banks that rose to national prominence in the 1990’s and early years following 2000. Eight years ago, Alabama was the South’s second largest banking center, only behind Charlotte, NC.

The Treasurer’s lack of initiative to support local banks, failure to encourage them to invest in Alabama, and failure to closely monitor their stability has only exasperated the affects felt within Alabama due to the national economic downturn.

It would be foolhardy to say that Alabama’s local banking industry will ever have the prominence and recognition that it did when the incumbent Treasurer first came into office. However, I plan to foster a financial environment that is strong at its base, not one that is top-heavy. We will recreate Alabama’s banking industry to be one that is more stable, prosperous, diversified, and invested within Alabama.

My Treasury administration will increase the state’s investment in local and community banks that nurture and encourage economic development within Alabama – particularly in rural and under-served communities. I will also continue the good relations that our state has with those out of state financial institutions that also are good corporate citizens to the communities within our state in which they reside.