According to the manager at our branch, the proxy votes have all been counted and the move to trade Asheville Savings Bank on the stock market has been "unanimously decided.” (How can it be unanimous if we voted against it?)
What's so bad about this? Well, the stock market is much less stable than the bank's previous customer-owned Mutual Fund structure. If Asheville Savings Bank's stock tanks, customer accounts will still be OK because they're FDIC insured. But wait — FDIC is funded by our tax money. If the bank's stock fails, it would cost taxpayers millions. Though technically illegal, insider trading continues unchecked on Wall Street, so while taxpayers suffer, traders in the know could profit handsomely if the bank's stock tumbles.
I'm mad enough at Wall Street. I didn't want Asheville Savings Bank to be part of that corrupt institution. Now that they are, Asheville Savings is no longer a local bank.
My family will move our money to a truly local bank or credit union.
— David Lynch