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No. 38 www.hpe.com High Point, N.C.
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Local banks weigh in on loan plan BY PAUL B. JOHNSON ENTERPRISE STAFF WRITER
TRIAD – The irony of the White House proposal announced last week to boost lending by smaller, community financial institutions isn’t lost on First Bank President Jerry Ocheltree. The head of the Troybased bank with branches in the High Point area said community financial institutions didn’t make the risky loans, such as subprime mortgages, that precipitated the financial industry crisis more than a year ago. Now, the administration of President Barack Obama is proposing to fun-
nel $30 billion from the Troubled Asset Relief Program (TARP), the controversial program to prop up ailing large banks, to spur lending by smaller banks. The new program is called the Small Business Lending Fund. “The community banks had nothing to do with the stuff that happened up on Wall Street. I never made a subprime loan. But unfortunately, we’ve been painted with that same brush. Hopefully, with this program can be a great opportunity for small, community banks to increase our small business lending and help put people back to
work,” Ocheltree said. A pair of Ocheltree’s community bank executive colleagues in the Triad expressed reactions ranging from caution to skepticism about the president’s proposal. “The devil is in the details on these things. When they come out to begin with, they all sound good,” said Rick Callicutt, president and chief operating officer of Bank of North Carolina. After watching how TARP was implemented, many community banking executives are wary of a White House proposal involving access to capital with federal government entangle-
ment, said Bob Braswell, president of Carolina Bank. Until specifics on the program emerge, Callicutt can’t say whether Bank of North Carolina would want to tap into the Small Business Lending Fund. But if regulatory burdens aren’t addressed, Callicutt doesn’t believe the program will spur lending. “If a bank takes advantage of this program and it gets them $20 million of capital, and then a regulator comes in and makes them write their assets down by $20 million, the net of that is zero,” Callicutt said. pjohnson@hpe.com | 888-3528
President Barack Obama on Tuesday formally announced the new Small Business Lending Fund, which would transfer $30 billion from the Troubled Asset Relief Program to a new program that would support lending to small businesses. The fund will be targeted at community and smaller banks, defined as assets less than $10 billion, that lend the most to small businesses and offer incentives for banks to increase small business lending.
BY PAUL B. JOHNSON ENTERPRISE STAFF WRITER
GUILFORD COUNTY – Mary Jarrell of High Point and George Ragsdale of Jamestown don’t share political party labels, but they do share a first-hand understanding of what candidates of all stripes go through this time of year. Jarrell, a retired Democratic state legislator, and Ragsdale, a businessman active in Republican politics, say factors ranging from family commitments to the demands of a career enter into the equation when men and women decide whether or not to run for elected office. The filing period for congressional, state legislative and county elections begins at noon Monday and concludes noon Feb. 26. A separate filing period for mayoral and City Council races in High Point and Archdale will take place during July. HOWARD TILLERY | HPE FILE Some candidates – if enough Mary Jarrell (center) watches election results board at the Guilford County Courthouse in Greensfile for a race – will face off in boro during the 1998 general election. the May 4 party primaries. The served off and on in the N.C. General general election is Nov. 2. Jarrell and Ragsdale have different Assembly – depending on her success experiences deciding whether or not in campaigns – through her retireto seek elected office. But both agree ment in 2002. Jarrell was involved in Are you interested in running for office this that family commitments, support about a dozen campaigns during her year? Or are you a citizen wondering about from friends and colleagues and ca- political career. your voter registration status for the 2010 Jarrell first was encouraged to reer obligations play major roles in elections? For more information, call your run for public office 25 years ago by the decision. local board of elections office: Jarrell became a political veteran friends and associates who respected during 25 years, starting out as a mem- her service in civic circles during • Guilford County Board of Elections offices ber of High Point City Council follow- many years. in Greensboro at 641-3836 or High Point at When she was approached about ing her first run for office in 1977. 845-7895 After four years as a councilwom- running for office, her initial response • Randolph County, 318-6900 an, Jarrell sought a seat in the state • Davidson County, 242-2190 DECISION, 2A House of Representatives in 1982. She
AT A GLANCE
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Different timing for High Point, Archdale TRIAD – Thinking about a run for municipal office in High Point or Archdale this year? You’ve got several more months to make up your mind than candidates seeking other elected posts in 2010. The filing period for the vast majority of elected offices be-
High Point and Archdale remain the only two municipalities among more than 500 in North Carolina that have shifted their elections for mayor and City Council to even-numbered years. Both city elections are nonpartisan, meaning the party affiliation of the candidates won’t appear on the ballot. Leaders of High Point and Archdale arranged legislation
WHO’S NEWS
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See why people run, or don’t
gins at noon Monday and continues through noon Feb. 26. But because of a provision in the legislation that shifted High Point and Archdale’s municipal elections to even-numbered years, the two cities will have a separate candidate filing period this summer. The High Point and Archdale filing periods begin at noon July 2 and conclude at noon July 16.
126th year
AT A GLANCE
THE DECISION
BY PAUL B. JOHNSON ENTERPRISE STAFF WRITER
February 7, 2010
through N.C. General Assembly in 2006 to have their municipal elections changed from odd-numbered to even-numbered years. City officials were hoping that staging their municipal elections in even-numbered years – when more races are on the ballot – would increase voter turnout for the local races.
Jason Goins has been named a partner with the High Point law firm of Wyatt Early Harris Wheeler. Goins is a member of the litigation practice area.
INSIDE
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PRICE HIKE: Sunday newspaper’s single-copy cost goes up. 2A OBITUARIES
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Jack Blackburn, 80 Gary Bowers, 65 Tommy Chappell, 62 Danny Courtney Sr., 92 Barry Gray, 62 John McFarland Jr., 85 Obituaries, 2B
WEATHER
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Mostly sunny High 39, Low 20 8D
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