Umpqua Bank CEO shares his thoughts on current economic downturn

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Story Published: Nov 19, 2008 at 5:33 PM PDT

By Kristina Nelson

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NORTH BEND, Ore. - Like many other sectors of business, financial institutions including banks are feeling the weight of the current economic downtown.

But Umpqua Bank CEO Ray Davis says staying optimistic and using the right tools in finance can get any business owner through these times, which was the topic of a presentation he gave at the Mill Casino-Hotel on Wednesday.

Business owners and community leaders attended a breakfast to hear from Davis on whats been happening on wall street and closer to home.

Davis uses what he likes to call a perfect storm analogy to describe the economy, meaning things like the housing crisis and investment bank turmoil have been brewing for a long time.

As CEO he says it's his job to alleviate any fears.

"The greatest fear most people have is the fear of the unknown. My job is to take that fear away. People need to get out and start talking truthfully about what's happening. People can take the truth, they just need to hear it."

Davis also offers up some tips on how to weather the so called storm.

Some of those include talking to your banker when you have questions with your finances and make sure deposits are covered and insured.

Davis adds that the vast majority of banks in the U.S. are solid.

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