Word: holmeses
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"Since the FDIC stepped in the said they would insure any amount, there really wasn't much of a reaction of panic here," Holmes said.
Although Holmes said BayBank Harvard Trust is still opening large numbers of new accounts, he admits that the Harvard Square-based bank has seen a markedly more cautious attitude from its customers since the recession settled in.
"Our retail and corporate customers both seem to be very cautious. And I think they're right to be," Holmes said.
To counter the recession, the Federal Reserve has loosened its grip on the money supply, bringing interest rates down and expanding the economy's cash flow, said both Holmes and McGilzreay.
The depositors' sense of security can be attributed in part to the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve's expansionary actions, which have cushioned the impact of the bank failures, Holmes said.