Local Banks Stable
Recent Tech layoffs, Rising interest rates and a lack of diversification of assets led to the crumbling of two major banks on Friday. Signature Bank in New York and Silicon Valley Bank of California were shuttered and assets seized, causing some questions for other banks and whom else might be at risk. Ron Green, President and CEO of Oregon Pacific Bank says the model those banks were built on is not how most banks, and specifically banks in our region operate.
“We’re talking about 2 banks, large banks, you know Silicon Valley over 200 billion in assets, that are largely concentrated to the tech industry. And I was looking at statistics this morning and 75% of their deposits are from the Venture Capital industry.”
Green says banks like Oregon Pacific Bank are heavily invested in the local economies and OPB specifically banks over 300 different industries making it a well-diversified institution. He says the failure of these two banks is not the result of a systemic problem in the banking industry and people should feel secure about their local banks.
“This is a bank that chose a business model, that’s Silicon Valley Bank, that was going to either do very-very well or do very-very poorly if things deteriorated.”
With the diversity in place with OPB and other banks in the region Green says it would take something 3 to 4 times worse than the 2008 recession to cause concern locally. He says there is no reason to fear that monies are in danger and that the two banks that failed were the outliers of the banking system. He also says if you have questions, reach out to your local banker.
Special Election
Less than three days away from the filing deadline there are still open spaces showing up on the May 16th Special Districts elections. The Siuslaw Public Library District Board has two open positions opening up this summer, yet only one candidate has filed to fill it. There is still one open spot on the Swisshome Deadwood Fire District Board, as well as on the Siuslaw Valley Fire board. There is still an opening on the Mapleton School District Board. Mary Ellen Mansfield, the current director in Position 3, was still undecided last week whether or not she would see re-election. In the Siuslaw School Board race, one of the two candidates who filed against the incumbent in position 5 has withdrawn. Mildred Rowley has taken her name out of contention, leaving Jason Wood as the sole opponent to Dianna Pimlot. Candidate declarations or nominating petitions must be filed with the Lane County Elections Department in Eugene no later than five PM Thursday.
Special DUII Enforcement
If you are thinking about celebrating this St. Patrick’s Day, make sure you celebrating includes a designated driver or a ride from taxi. There is a planned DUII enforcement on March 17th by the Florence Police Department and other law enforcement agencies in the area. The Florence Police Department asks that if you plan on drinking don’t get behind the wheel of a vehicle. St. Patrick’s Day is statistically among the deadliest holidays involving drunk driving and alcohol related crashes.
Beach Clean-up
Company’s coming! That was the battle cry in 1986 for the first Oregon Great Spring Beach Cleanup. A fall cleanup had been organized beginning in 1984, but organizers saw an opportunity for a family-friendly activity that would work to help clear a winter’s worth of storm debris in time for the summer tourist season. “Solve Oregon” is promoting this year’s event for Earth Day, April 22nd. There are three organized cleanups that day in the Florence Area. But volunteers are welcome to just show up at their favorite beach between 10 AM and 1 PM. Of the three organized activities, one is at the Siltcoos Beach area south of Florence and is hosted by Shepherd Motors and the Strawberry Hill Four Wheel Drive group. Another at the North Jetty area is hosted by the “Florence Climate Emergency Campaign”. The final local campaign is organized by the Siuslaw Alumni Association for the area surrounding Washburne State Park, just north of the lighthouse. For more information or to sign up, just go to solveoregon-dot-org and click on the Spring Cleanup link.