TROY—State Banking Superintendent John Harrison provided a glimpse into bank operations, regulations and failures for Troy University students in the Sorrell College of Business.
Speaking to Professor Robert Stewart’s Bank Management class on Tuesday, April 26, Harrison, a TROY graduate himself and a member of the Board of Trustees, provided an overview of the State Banking Department, state banks, regulation, the examination and enforcement process, bank failures, careers and the role of bank directors.
“Our Number One job at the State Banking Department is protecting Alabama’s citizens and their bank deposits,” he said.
The department, which recently celebrated its 100th anniversary, was created, he said, out of a need for banks to operate from a set of basic values.
“One hundred years later, we’re still having some of these same problems,” Harrison told the students.
The state currently regulates 117 states banks that control $222 billion in assets. Another 19 banks are federally regulated and control about $6 billion.
Harrison, a community banker and a former mayor of Luverne, became Superintendent in 2005, after having led the Alabama Department of Economic and Community Affairs from 2003-2005. He is a Selma native and holds a business administration and marketing degree from TROY, and a master’s degree from Louisiana State University. He served as president of First Citizens Bank of Luverne from 1983-2003, and was president of the Community Bankers Association of Alabama in 1995.