Behind the Bank

Based on the comments following Tuesday’s story about Westsound Bank, some people question the truth of the core story.

To be clear, the function the company is removing is the one that sells loans to other companies, but is not giving up on lending. That’s a major part of Westsound’s business, and its president, Dave Johnson, said it will continue to be.

It may be that there’s more to the story, but it also may be that getting loans to secondary lenders will be cheaper by hiring someone else than doing it in house.

No matter what the story is, it is, as one commenter noted, a tough development for 33 people.

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