Someone asked me recently if you can blame the board and management for the demise of BOTC. I have been hesitant to go there due to the fact that I like them all personally. However, it must be said that they do bear responsiblity. I have a small checking account at Columbia River Bank, now Columbia State Bank of Washington. I was looking at the makeup of their board. Most all of them are business people, two bankers and a CPA. Bank of the Cascades has 1 businessman, 3 lawyers, 1 doctor, 1 college president and 2 bankers. The decisions that have sunk this bank have been those of people without business experience. When the bank was founded almost all of the founders and directors were local business people. The bank came through the early eighties with flying colors as they stayed clear of over exposure to real estate loans. Obviously this discipline was not followed by those in charge today. So, they have failed the shareholders and the community, even though the bank will continue to operate under another entity. The employees, depositors and customers of the bank will survive and move forward. A real honest to goodness shame.
This is very typical of small town biz and banking. The boards are all toadies of the founders and CEO. No independent review. You can see it in PRWT, LAD and many other local companies. Hand picked boards with no real scrutiny of the execs. CACB was a fine little bank that through hubris and dreams of grandeur screwed up a good thing. Now, the shareholders are left holding the bag. Nice job management.