What's Ahead?

While contemplating the financial free-fall, I was wondering today what was the fate of local banks, so I Googled up Sterling Savings Bank, which has a local branch, one of two small banks in Point Roberts. I’ve never been clear about why so few people needed two banks, but maybe it’s the competition thing.

In any case, a quick perusal of Google hits suggested that our own Sterling Bank is indeed being hit hard; it’s canceled its dividend, it’s reporting $230 million in credit losses, and another $300 million loss of good will. Not much good will left after that, I’d think. The U.S. Treasury now owns $300 million of preferred stock in Sterling Savings Bank. The bank expects a net loss for the fourth quarter and the year. And we will know more about what’s to come for Sterling Savings Bank on the 27th when they issue their fourth quarter report, and you can talk with them on the morning of the 28th about it when they have a phone report. You can read this all, in their January 13th press release.

Well, as they point out in the press release, their deposits are all covered by FDIC, so we’ll just hope for the best as to what is to come on that front.


On other fronts, better news. I went out on a brief photographic safari this morning in the sun and 30 degree temperatures to ascertain signs of spring. And found lots of them, despite the great mounds of snow that were everywhere a month ago and the six weeks of freezing temperatures that are still with us.

I doubt if there will be crocuses for Valentine’s Day, but there will be crocuses.


If I could ever master placement of photographs in this blog template, I would identify all these in the proper place, but I haven't yet achieved that skill. So, may it suffice to say that, in order, they are daffodils, crocuses, opium poppies+a strawberry plant, columbines, chrysanthemums, and shasta daisies. Enough for a spring garden, I'd think.