Durham institutions buck national banking trends

For once, the little guy is benefiting when the big guy isn’t. Small, local banks in the Durham area actually have an advantage in the current recession.

“Your smaller banks—your local, your community banks—are probably doing better (than the national chains),” said Brian Bolton, assistant professor of finance at UNH.

According to Bolton, the banking industry has two main problems. The first is the slowing economy, which means consumers are less likely to borrow money. The second is bad investments, meaning that the banks gave out too many loans to people who were unable to pay them back.

National banks have to deal with both of these problems. Small, local banks, on the other hand, only have to deal with the former. Apparently, they’re dealing with it quite well. Community banks in the Durham area report that business is good.
“I think we’re doing fantastic,” said Rick Langis, branch manager at the Durham Federal Savings Bank, a community bank with five branches in the Seacoast area.

Langis said the bank felt a slight downturn in business at the end of last year, but since then, business has come around.
Kelly Glennon, vice president and director of marketing for Federal Savings Bank, said the bank has actually seen an increase in customers.

According to Bolton, the recession allows banks to get a good deal from the Federal Home Loan Bank, which provides loans to help people get mortgages. The solid finances of most small banks mean customers are able to take advantage of this.
“The smaller banks are more likely to borrow to make loans because they don’t have to worry about the uncertainty of investments,” said Bolton.

This is the case at the New Hampshire Federal Credit Union, which has branches in Durham and Concord. “We have been very busy funding home loans and auto loans for the last few weeks,” said Polly Saltmarsh, marketing manager for the Credit Union.

But Bolton cautioned that small banks are certainly not invincible to the recession. He said that a severe slowdown in lending could force small banks out of business because their sources of income are not as diversified as larger banks.

annual Drag Ball a fierce and fabulous success

While getting ready to go out on Friday night, Ryan Sheehan decided to throw on a navy blue dress with small glittery flowers. Sheehan also wore a long blond wig, along with smoky eye makeup that complemented the junior’s blue eyes.

Sheehan was one of 225 students dressed in glitz and glitter at the ball, which had dancing, live music from a disc jockey, a fashion show and other live entertainment.

“Being ridiculous is completely accepted and well-received,” said Sheehan, the ball’s master of ceremonies. “The dress code is whatever makes you feel good. People here can have a good time here.”

The Drag Ball was also put on to celebrate oneself in a safe and supportive environment.

“Gender is all about a social role,” said Jean Elson, an assistant professor of sociology. “(A Drag Ball) can be an excuse for people to experiment.”

Camilla Brett, a physical education major, said it was her first drag ball, as her hometown didn’t have drag dances. “They had nothing for the gay community,” Brett said. “The UNH Alliance makes me so comfortable here.”

Drag balls give people the opportunity to dress out of the norm, said Elson. She said the situation is different in most social atmospheres.

“People don’t want to be seen as different, especially if it’s stigmatized,” Elson said. “Gender is so strongly socialized that it can be very unconformable to see other people stepping out of that role.”

Jessica Wallance came to the dance with her partner, Bryan Bennitt. Wallance said it was her first dance at UNH and she had a fantastic time dancing and enjoying the live entertainment.

Wallance said she asked some of her friends to go with her to the event, but most of them declined. “Too bad, too. It was really carefree here,” said Wallance. “If you go out of your comfort zone once in a while, you’d be surprised.”