Link here.
This bank is voluntarily closing its doors because the federal government feels its loans are too risky: to hometown dentists, small businesses, etc. Whether you like banks or hate banks, this story has a message.
The bank wrote off 1.25% of its loans last year, well below the industry average. This "small" bank made $11 million last year. But the Feds thought it too risky. Read the story. You may agree. Not.
The good news: the "bank" will open its doors under new business plan, won't call itself a bank, and will get backing from one of the founders of Microsoft.
Interesting story. Thank goodness for the internet.
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