One would think that any bank would drool over adding a potential new customer the size of Seattle that runs $3 billion annually through its books and carries an average daily balance of $10 million.
But no new bank wanted to be exposed to the apparent toxicity associated with this leadership group.
In retrospect, it wasn’t surprising that Wells Fargo allowed the city to terminate its agreement early hoping it, too, could escape this business relationship.
What is surprising is that Wells Fargo came back to the table and renewed for multiple years. Perhaps it felt its reputation couldn’t sink any further.
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David Dwinell, Vashon