Like a Caged Animal

As the election nears and we hear the candidates for president spout their plug for change, it makes one wonder about the direction that change will go. This week began with a big change in the financial markets that I'm confident left many worried who or what might be next. About six weeks ago I received a letter in the mail from a small community bank explaining that their two offices here in Utah would be closing down effective October 31st, 2008. They are part of a bank based out of New Mexico that is reeling from the effects of an inflated real estate market turned upside down, inside out and every direction in between. Due to defaulting loans and the subsequent higher reserve requirements, their bank, like many others is attempting to liquidate and consolidate exposure to remain solvent.

Eighteen months ago I was introduced to a new banker. I was dressed in my finest suit and tie. I was nervous. From my banking background I knew I needed to impress and wanted to look the part. I was looking to finance a multi-million dollar truck wash facility. We met in a board room on the second floor of their office in Salt Lake City. It was a nice board room, complete with fine wood furniture and accents and plush leather chairs. My new banker was wearing a polo shirt and slacks but no tie. His boss was there also and similarly dressed. My banker seemed genuine but a little shifty or uncomfortable. They fired questions at me and I answered the best I could. It seemed to be going well. Near the end we made arrangements for another meeting to further discuss details. They told me not to dress up so much that it wasn't necessary and they always dressed casually. Over the past eighteen months I became close friends with my banker. I came to trust him and I confided a lot in him and he helped me tremendously to accomplish my objectives with my project. We transacted other business besides the truck wash. Through the course of construction I visited him on occasion in his office wearing work wranglers and an old shirt. He had a great office with huge windows and great views of the city and the mountains. I was always comfortable in his office. We developed a great level of trust.

I was surprised when I got the letter. I called my banker immediately to find out what the deal was. I could tell he was stressed. He'd been interviewing for other jobs and didn't know what direction he would end up going. He still asked about my project and my family and how things were going. I told him to let me know where he ended up. It brought back memories of when I departed the banking industry to get my real estate license and be my own boss. I remember the panic that came when I realized there wouldn't be a check every two weeks, and oh yea pay your own health care insurance and enjoy your now non-paid holidays. A week later we found out we were expecting Luke. Was I crazy? Could I make it self employed?

Weeks later I heard from my banker. He had taken a job with one of the largest financial institutions in the country. The big bully on the playground of small community banking. I could tell it pained him to tell me that he had landed there. But as he said they're solid and I've got to look out for my family. I concurred that was important. Last week I contacted him about doing a line of credit for one of my business ventures. We had to meet to discuss some items today so we arranged a meeting at his office downtown. He told me to park in the parking structure to the east of his building and he was on the 11th floor.

As I walked into the huge glass and granite building to the elevators I passed the KUTV Channel 2 news suite. I was sort of awe struck and I felt a bit under dressed. I was wearing some wranglers and my white Real Estate Group polo. I felt like an idiot when I got on the elevator with several people in fancy suits and didn't realize until we were headed up that they had an odd numbered floor elevator and an even numbered floor elevator and I was on the wrong one. I got off and found my way to the right one. I had to be buzzed into the suite. I bit of a snobby old fella looked me up and down judging that I probably had no business being there, and asked me what I needed. He then led me down a hallway and into a large room with probably 50 cubicles stacked all together. He led me to the very center to my banker's cubicle. He stood up to greet me. He was wearing a button down shirt and a tie. He looked uncomfortable and miserable. I can't adequately describe the look in his eye when we met there today. He looked like a caged animal. Don't get me wrong the cubicles were a nice grey color and the top 3 feet or so were glass, presumably so you could see who was where. I said, "Hey nice building." He responded, "Yea do you like my space here? Not quite like my old office is it?" No it definitely wasn't. We had a good talk. He was adjusting to it all but I could tell he wasn't the same happy guy I had always known him to be. At the end of our meeting he led me through the cubicle maze to get validation stickers to cover my parking from a very grumpy lady even deeper in the maze. He walked me to the elevators and we made arrangements to meet again.

As I exited the elevators and strolled by the fancy office suites I stopped for a moment and took it all in. People were running here and there. Things were moving, things were happening it was all very fascinating. I was reminded of several trips down town to interview with the higher ups at Zions Bank when I had applied for management positions. I remembered the fancy buildings and the excitement of it all. Did a part of me miss it I asked myself? Mmmmm......... Not even a little bit. I loved that I was heading home to change into some dirtier wranglers and a t-shirt so I could go and stack a rock wall for an older lady from Tennessee with a cool accent. I loved that I received three calls on the way home about real estate listings I have and I didn't even have to dress up or down to take those calls. It's a bit of a scary time these days in this current market we find ourselves in. There are many factors that play a part in the uncertainty we face. There's not a simple solution to any of it. There are days a secure job at the bank and a steady income sound really appealing. Today just wasn't one of those days.