Bank of American closure will be bad for Vashon | Letter to the Editor

he news that Bank of America is abandoning Vashon Island is appalling. This community is more than an arbitrary pinpoint on a map. Fully one-third of the community uses Bank of America here. There is a thriving business community that makes deposits every day, not to mention regular customers.

The news that Bank of America is abandoning Vashon Island is appalling. This community is more than an arbitrary pinpoint on a map. Fully one-third of the community uses Bank of America here. There is a thriving business community that makes deposits every day, not to mention regular customers.

What does it say to those who wish to open a new business here to lose the possibility of financial backing from a major banking institution? What does it say to all the realtors here when the option for mortgages from a major bank is lost to our community?

The average dollar amount for a home sale seems to be $500,000. That is not chump change. Vashon has approved and is building a $48 million dollar new school with the view of community growth. A beautiful new $18 million performing arts center will be built with islanders’ support.

Two very successful lumber businesses have just been expanded here. The island is growing in thoughtful and careful ways. It is easier to keep a customer than find a new one and infinitely less expensive.

Please reconsider your decision; we deserve you support.

 

— George Wright