Friday, May 29, 2009

Local banking, David Korten and more

I want to remind my Portland readers that David Korten will be speaking tomorrow night (Saturday) at the First Baptist Church at 12th and SW Taylor.   There is a community celebration starting at 5pm, David’s presentation at 7pm and we step outside for the Starlight Parade after the talk.  It should be a fun evening.  Please bring your family and friends to learn about, discuss and implement the new economy.

The Sustainable Business Network of Portland (SBNP) is beginning a campaign to get people to move their money from multi-national banks designed to serve shareholders to local banks designed to meet community needs.  I recently moved my daughter’s college fund CD from WAMU/Chase to Albina Community Bank and ShoreBank Pacific.

SBNP used three simple questions to help you gauge how your bank relates to your community.

  1. Is your money rooted in your community?  (The more a bank operates in multiple communities, the less commitment they have to yours).
  2. Who owns your bank? (Where do the profits go and who controls it?)
  3. Do your deposits create good loans in YOUR community?  (This can range from progressive lending policies to help underserved communities to predatory/subprime lending.)

Needless to say, the major banks all scored low on this assessment.  Moving your money to a community rooted bank will help your business community thrive.

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