Posted: 03/25/2010 06:00:00 AM PDT
Updated: 03/25/2010
06:03:54 AM PDT
First
National Bank will close its Eureka Square branch Friday, June 25,
after failing to successfully negotiate acceptable lease terms with the
property manager.
"It was much more than we could afford for the size of the branch. With the increase in rent and our increase in health benefits costs, it didn't pencil out," he said. "We have a whole series of processes we have to do to get notifications to our regulators and customers in advance. When the offer appeared to be etched in stone, we went before the board and we decided that the most prudent thing to do was to find another place in the north end of town."
After a search yielded nothing acceptable, McGraw said the board decided to consolidate bank services in the newly remodeled and expanded Linda Mar branch, where the bank was able to successfully negotiate a favorable lease.
First National is, however, working with Biagini to lease a location in Eureka Square for a full service ATM in an access-controlled room.
"Mr. Biagini was probably willing to rethink his offer but we had put the wheels in motion and it would not have been practical for us to grind to a halt," McGraw said.
Tom Biagini, president of Biagini Properties, said he offered the bank a new lease at the same rent it had been paying.
"The bank is not vacating because of the change in the rent. It is just downsizing. They decided they didn't need a whole branch in the north end," Biagini said.
But McGraw said bank officials tried very hard to accommodate its north-end customers, some of whom would prefer not to travel to the south end of town. He said he expects to work out a favorable lease for the ATM.
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Posted by Steve Sinai
14 comments:
The Democrats Policies will be the Death of us ALL.
And that's what happens to 1900 century covered wagon politics. Even old hippi politics does play well when the common good of all the people is considered.
What? The Banker said he can't afford the rent or the increase in health benefit costs.
Democrats have had a hold on our Congress since 2007. When will you start paying attention to what they are doing to us??!!!
Unbelievable!
And, like one poster said the Democratic Party has had an IRON GRIP on our Pacifica City Council.The very things you are accusing them of, the Democratic Congress and Senate are doing the same. I just don't get you loyal followers of the Democrats.
Again, elected leadership in a city is non-partisan, civics 101. And, the failure of this 8 year city council is that they skipped economics 101, and elementary school math. "open space" doesn't = city tax revenue.
Loyal followers? No we're not a cult, we're just Democrats. As Will Rogers once said, "I am not a member of any organized party. I am a Democrat".
LOL@Kathy!
When it suits Kathy's purposes, party is important. Since the very people who Kathy is accusing of destroying Pacifica, you know, "that 8 year City Council", are all members in good standing of her Pacifica Democrats organization, suddenly we get the civics lesson.
Kathy, I used to have a crazy aunt who was just like you, Wait a minute, it was you!
I've got a great idea! Kathleen, Kathy, Lois, and the tea-bagger that likes to change his name for each posting should create a separate blog just for their partisan bickering about national politics. It's sure to be a big hit, and you can rest assured that we'll all be reading every word of your witty banter even if we don't post anything.
Still waiting for something witty and worth reading from you, Scotty. still waiting... still waiting... still waiting...
Scotty, we must get you back on your meds. Oops, forgot... No meds in Obamacare. Please contact the death panel administrator.
Scotty I'm staying on the local blog with you. Kathleen, Lois and a few unidentified others might have a better time talking to themselves about national politics and "death panels" (as described by "O'Czar" above).
Kathleen, City Council is non-partisan. They just seem to be the polar opposite of where you're coming from. And, I'd be willing to be your Aunt when you become a middle-of-the-road Democrat, Republican or Independent.
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@ Kathleen Rogan -- your selective amnesia about what happened during the W. Bush era is rather "unbelievable"!!!
And where is your outrage about the financial burdens put on us and future generations directly caused by the two wars we have abroad -- particularly Bush's vanity war in Iraq??
Where is the outrage!?!?!
Kathleen doesn't know what she wants.
Here she decries a landlord charging whatever the market will bear: the essence of capitalism.
I guess she's calling for rent control. But who knows and who cares.
I believe those are Obama's wars now. You are ill informed and do not know of the details of this "lack of a deal" .
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