Delaware County Bank has some ‘splainin to do

Ah, the trials and tribulations of small businesses in the gritty atmosphere of the American Economy.  Why we don’t love them just for being there is a question that seems to keep them up nights.  When the small business is a bank, they seem to feel that our devotion is their birthright.

The spokesperson for the sad, beleagured little Delaware County Bank apparently felt a need to speak out today with a letter to the editor of the local paper.  Unable to write a cogent sentence, he begins with “on behalf of,” but quickly turns to the first person.  Apparently he, personally, was offended by a recent story about the bank.  (We used to capitalize The Bank and speak in reverent tones, but hey, it’s a new day.)

Along the way of decrying mistreatment by the reporter, he brings up some interesting questions.  “What has the bank done for the community in the 40+ years they have been around?”  Well, I can tell you that from a personal conversation with a former bank president, they felt that they had done far too much for a greedy, grasping community.  That nonsense stopped with him.  The job was always to make money for the shareholders.  That is, indeed, the obligation of a corporation.  Make money for the shareholders — some of whom have lost millions due to the bank’s toxic portfolio and failed strategies.  Oh – and that federal watch thing they operated under last year.

He says the story failed to reveal their plans for the community.  Ok, what are they?  The bank itself hasn’t said much to the community from their $5 million, 55,000 square foot headquarters in Southern Delaware County (that’s where the money is, they said.)

In 1995 the bank “abruptly” removed Roy Rushing from the ceo seat.  In 2002, they “abruptly” removed Larry Coburn, who was then making more than $227,000 per year.  Of course, that came discretely after he made front pages with a black eye, his secretary’s husband and there was a handgun in there somewhere.

Then came the Jeff Benton era.  But then, alas, the 2010 “departure” of Benton, while the bank was under the control of the Federal Reserve.

Several hopeful young men have stepped to the plate internally to try to hold the reins, but that doesn’t seem to be working either.

So, Mr. Spokesman, what are the bank’s plans for the community?


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