Misty Borrowman welcomed CEO to tour the Bank of HIllsboro. Misty explained the banking business from the other side of the costumer. “While a loan is a liability for a company borrowing money to cover their accounts receivables, for example, a loan is an asset for a bank. On the other hand, your savings and checking accounts are your assets but they are our liabilities because we owe those deposits back to our customers.”

The team also discussed in detail what it means for a business to open line of credit and consider an unsecured loan vs a secured loan. Harry Hutchinson revisited what banks look for in a customer wanting to borrow money and why a secured loan carries a lower interest rate. “Banks look at your Character which is your credit history, we like Collateral when it’s available which is an asset you use to secure a loan, and then we look at your Capacity to repay the loan.”

The team met several bank employees on the tour and discussed the importance of every department’s role in operating the bank effectively. From book keeping to IT to filing and record keeping everyone works together to benefit their customers. Of course, the team worked together in a special way today preparing their banking for a cure fundraiser. Bank of HIllsboro was making chicken and noodles for local businesses and their employees, which smelled delicious!

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