Grant Thornton LLP: Jump in number of Midwest bank execs that expect the economy to improve in next six months

For more information, please contact:

Kristi Grgeta

T 312.602.8720

E Kristi.Grgeta@gt.com

CHICAGO, June 28, 2010 – According to Grant Thornton LLP’s 17th Bank Executive Survey, conducted in conjunction with Bank Director magazine, Midwest bankers are optimistic about the U.S. economy, with 44 percent expecting it to improve in the next six months. This is a statistically significant improvement over how Midwest Region bankers felt about the U.S. economy six months ago, when only 30 percent said that they expected the economy to improve. On the job front, the numbers were bleaker, with more Midwest bankers saying that their banks plan to decrease staff than hire staff (22% vs. 14%). The Midwest Region also reported the lowest percentage of banks that plan to increase hiring across the country (national – 25%).

“Midwest bankers are much more optimistic about the U.S. economy than their own local economy,” noted Rick Huff, Grant Thornton Financial Institutions Audit partner. “This translates to the region’s job outlook, with more Midwest bankers reporting that they will decrease staff than hire staff in the next six months. These bankers do not feel the economy has hit bottom yet in the Midwest.”

There was a slight uptick in the number of Midwest bankers that expect their local economy to improve in the next six months – up to 27 percent from 26 percent in December; while those that expect their local economy to get worse decreased slightly – down to 12 percent from 13 percent in December.

Do you feel that the U.S. economy will improve / remain the same / get worse in the next six months?

12/09 – 5/10

Improve 30% – 44%

Remain the same 54% – 48%

Get worse 16% – 9%

Do you feel that your local economy will improve / remain the same / get worse in the next six months?

12/09 – 5/10

Improve 26% – 27%

Remain the same 61% – 61%

Get worse 13% – 12%

Do you expect the number of people you employ at your bank to increase / remain the same / decrease in the next six months?

12/09 – 5/10

Increase: 13% – 14%

Remain the same 71% – 64%

Decrease 16% – 22%

– ends –

About the Survey

Grant Thornton LLP and Bank Director magazine conducted this national survey of bank CEOs and CFOs from May 4 to May 24, 2010, with 230 respondents nationally. Of those, 59 were from the Midwest Region. Fifty-nine percent of the respondents were from small banks (those with less than $500 million in estimated assets at the end of 2009), while the remaining 41 percent were from large banks (those with more than $500 million in estimated assets at the end of 2009). Regarding ownership structure, 39 percent report that they are public institutions, 44 percent are private and 17 percent are mutual. To see past survey results, please go to http://www.GrantThornton.com/banksurvey.

About Grant Thornton LLP

The people in the independent firms of Grant Thornton International Ltd provide personalized attention and the highest quality service to public and private clients in more than 100 countries. Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd, one of the six global audit, tax and advisory organizations. Grant Thornton International Ltd and its member firms are not a worldwide partnership, as each member firm is a separate and distinct legal entity.

In the U.S., visit Grant Thornton LLP at http://www.GrantThornton.com.