In the news again this week is the "Move Your Money" protest movement that has captured the imagination of folks nationwide. The good people over at the Huffington Post have a recent article -- an update on the call in New Mexico for the State government to move $5 billion of state funds from big banks to small community banks. This is an important step in helping those banks that are too big to fail to get smaller. It also puts more money out there for the local banks to lend to local businesses and regular Joes for mortgages and other needs.
When I first read about the Move Your Money project I checked the website to see if the community bank back home where my meager pension flows in and out was on the list of "safe" banks. It is. Nothing more to see here...... move along.
Except, in a surprise move, the City Council in Port Huron made a grand gesture to help save a local bank on Monday night. This action followed a rather compelling editorial in the local paper calling for efforts to save Citizens First bank. The motion to transfer $5 million of city funds from Chase Bank to the Citizens First bank was made by Councilman Brian Moeller and supported by all of the council members present. I applaud Mr. Moeller for his act of leadership in support of a vital community institution.
Citizens First was once known as the Citizens Federal Savings and Loan. It has gone through some name changes over the years but has never failed serving the community. Its CF Community Foundation is helping with varying needs in the Blue Water area. Way back in 1973, I was a recipient of a Citizens Federal Savings and Loan tuition scholarship to the Saint Clair County Community College. CF's generosity helped me pay for the first year of my college career. They helped me get started in life and I will always be grateful.
So -- Move Your Money if you are so inclined. But also consider moving your money to help save a local bank. It seems to be the right thing to do........ Our communities need our support.
Update: Times Herald editorial -- "Tactics aside, Moeller does right thing"