Gov. Kay Ivey on Tuesday issued a statement expressing confidence in preparations made by Alabama’s banks in the face of the COVID-19 pandemic.
“I am confident in the preparations and plans that our financial institutions have put in place,” Ivey said in the statement. “I also have significant confidence in the underlying health of our financial services industry to weather the economic storms that, while of limited duration, could arise from the impact of COVID-19. I am assured that our banking institutions have an ability to continue providing services including providing funds needed by their customers.”
Alabama banks are required to have plans to handle emergencies, Ivey’s office said in a press release.
“In addition to state and federal bank regulators routinely reviewing banks’ plans for adequacy, the banks themselves routinely update and rehearse the implementation of these plans. In emphasizing this planning, our banks and their regulators are focused on ensuring continued, uninterrupted access to needed financial services,” the statement reads.
“As to the overall health of our banks, strong aggregate earnings and capital have Alabama banks well positioned to respond to any adverse economic events or other contingencies,” said superintendent of Banking Mike Hill, in a statement. “Along with maintaining strong financial performance, State-chartered banks are also prepared for issues arising from events such as hurricanes, tornadoes, cybersecurity threats, or as we currently face, a pandemic.”
