Posted by: twotrees | August 30, 2009

Your Tax Dollars at work…

Sunday is another work day for F.D.I.C. staffers at Affinity's offices

Sunday is a work day for FDIC workers at Affinity

Affinity Bank was seized by regulators on Friday, ending a chapter of local banking that had been waning for several months.  On Sunday, FDIC  employees were seen in Affinity’s conference room, reviewing files and counting the money. 

They had struck a deal with San Diego based Pacific Western Bank to take over Affinity’s ten branches and buy nearly $1 billion in assets.  The cost of this meltdown to taxpayers is an estimated $254 million, according the regulators.

Affinity has been a good community partner, generously giving to various non-profits in Ventura County.  In an area already sparse in corporate donors, this will likely mean fewer dollars being parsed out to worthy causes here in the future.

But the fact remains that the banking fiasco, where one of the most conservative of industries turned into one of the most aggressive and careless when it came to lending money, is still not over…

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