Thursday, February 25, 2010
The largest commercial banks in the US were kneeling before the alter of Congress not long ago, begging for the largest tax payor bailout in the history of the world. Many of those same institutions are now paying huge executive bonuses. The top 5 are, Bank of America, JP Morgan/Chase, Wachovia, Wells Fargo, and Citibank. US Bank is a close 6th. As a real estate broker in the small community of Florence, Oregon, there isn't much I can do. As citizens, we can make an impact and send a strong message to these characters. My recommendation is this. If you are a depositor of one of these institutions, go to your local branch and immediately close your account. Take your funds in a cashiers check and immediately open a new account at your local community bank. These folks are the ones who live in your communities. Their kids go to school with your kids. When there is a local fundraiser, they will be there, always, to help. You will find them serving on the boards of your local Rotary, Kiwanis, and Lions Clubs. They serve on school boards, PTA's, city council's, planning commissions, and when there is a need, they will be there. By the way, they are the ones making loans to local businesses to create jobs and keep inventory like food and clothing on the shelves. These community bankers are the real hero's of our communities, along with the police officers, firefighters, EMT's, nurses, and teachers.