"You're good for it."
That's what most everyone has been telling Pam Pentz lately. You can slide this month, Pam. We know you're good for it.
Everyone said that but her bank.
Pam's a horse trainer east of Woodinville. Last month the roof of her Olympic-sized horse-riding arena collapsed under the weight of the snow, all but shutting down her Derby Farms business.
The roof's insured so it will be fixed. But in the meantime she owes her hay man $1,300. The stall guy $2,000. The third-generation outfit that brings wood shavings for her 27 horses is due $1,800.
Don't worry, they all said. You're good for it.
It was nice to hear, but she fretted. How long can these others go without pay? So, to tide her over until her arena is back, Pam, 60, asked her longtime bank for a loan.
It was a pittance, really — a $15,000 line against a farm with at least a half-million dollars in equity. Where she's been in business for 30 years and has never missed a mortgage payment.
But the bank — Banner Bank, which likes to say that "you can take the bank out of the small town but you can't take the small town out of the bank" — said no.
You're not good for it, Pam.
The reason I'm telling you about a piddling $15,000 denied loan is that last fall Banner Bank got $124 million of your money as part of the bank bailout.
Yet Banner is not a troubled bank. It didn't need any rescue. The U.S. government gave the money on the theory Banner would turn around and lend it to people like Pam.
http://seattletimes.nwsource.com/html/dannywestneat/2008625047_danny14.html
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