Our bank was sold as of January 1, and I am not a happy camper.
We opened an account with Granite Bank in Keene 14 years ago. We were quite satisfied. About 6 years ago, Granite was bought by Chittendon Bank of Burlington Vt, and merged into its’ subsidiary Ocean Bank, of Kennebunk ME. It didn’t thrill me, but Kennebunk and Burlington are my kind of place, and the bank was run by my kind of people.
Well, now Ocean bank is a division of People’s United Bank of Bridgeport CT, my mortgage has been sold to EverHome Bank of ‘somewhere I’ll never go’, FL and the Hillsboro office has been sold to Laconia Federal Savings. In my world that’s 0 for 3.
I’m sure that PU has a great line about core business and maximizing return. They’re also doing the Pac Man bank thing just as the primary practitioners of that business plan are begging for an undeserved taxpayer bailout. Also, everything they’ve done is exactly what they’d do if they were kiting the whole thing, were overstretched and had to dump assets to make the deal fly. Do you want your money in a bank that acts like that? I don’t.
I didn’t realize that banks could sell your loans until my student loan was sold as was our mortgage and I was livid! I called up the old lenders and said WTF!?!? And they told me they had the right to do that.
When my beloved bank was sold many many years ago I was tempted to throw all of my money in a mattress.
The entire banking industry pisses me off purple.
I have meant to stop by and tell you folks what a great job I think you are doing on your farm. Makes me homesick:)