Wachovia branch in downtown Santa Cruz for sale again after Heritage Bank backs out

They probably saw all the Santa Cruz freeks
walking around and decided staying in San Jose
was a better bet.....

Polly Gon wrote:

They probably saw all the Santa Cruz freeks
walking around and decided staying in San Jose
was a better bet.....

No, article points out Heritage probably couldn't physically afford it .. doesn't have the money.

Hilarious that Wells Wachovia wants to dump it for "regulatory reasons" - whereas that doesn't seem to stop BofA downtown along Water Street.

But poor Wachovia. Spent all that money on signage and all - just to depend on Wells Fargo toward instilling 'consumer confidence' with the perception of a volatile market among the Bank Industry.

And, Polly Gon - which freaks exactly? The indigent riff raff, or the County Dept heads seen during lunch time, or the outta towners who come visit expecting some kind of service?

Citizen Santa Cruz wrote:

<quoted text>
Hilarious that Wells Wachovia wants to dump it for "regulatory reasons" - whereas that doesn't seem to stop BofA downtown along Water Street.

Let's see... there's one BofA branch office downtown (Water and River), whereas the Wells Fargo/Wachovia merger would have given them 2 offices within 1/4 mile.

True, BofA has more ATMs in the region (at their former building on Pacific, at all the Valero stations, and at their former location on Soquel) but the regulation covers branch offices, not ATMs.

I think you're talking through your... hat, let's say.

Maybe they backed out of the deal when they saw how many radioactive mortgages there were on the books, as reported here -- http://www.nytimes.com/2009/05/15/business/ec...

Loans weren't part of the deal. As
adopted local - 21 years said its because WF has too much of a market share that the branch is being sold. This deal is only regarding assests. Liablilities are not a factor.

I understand from very well placed consultants that the reason was that the regulators stopped the transaction because Heritage's financial condition was going down hill so fast. That's probably a consequence of bringing Maggie Incandela on board.

not sure if anyone is reading this still. But what does Walt know about Maggie