Wells Fargo pulls out of Roslyn

Local Wells Fargo Bank customers will have to travel to Cle Elum to do their banking starting in April.

Despite opposition from City Council, the company announced at Tuesday’s council meeting that it will close its doors in the spring due to a slowdown in business. Wells Fargo, which has owned the branch since 1995, is the only bank in Roslyn.

“The ability to cover operating costs is just not there,” said the company’s Central Washington district manager Matt Morgan. “I know the council is not pleased with our decision. It was not a snap decision. We made our best go at it.”

Council members suggested ways Wells Fargo might be able to stay in Roslyn, including the installation of an ATM. Several council members said they and other residents have trouble getting to the branch during business hours because they are at work. Staying open later in the evening or installing an ATM might increase the amount of money being deposited into the branch, they said.

Morgan disagreed, and said later hours or an ATM would not make enough of a difference to cover operating costs. He said currently about one customer every half-hour comes in for services as the Roslyn branch, located at 101 1/2 N. Second St.

In other business, the council:

# Appointed member Jane Stiger as mayor pro-tem for a second year.

# Made amendments to several ordinances.

# Approved the dates for the Croatian Picnic for July 16 and the Roslyn Black Pioneer Picnic on Aug. 5.

# Appointed Paulette Martin the new local animal control officer. The previous officer, Sarah Ryen, moved out of town.

# Began very preliminary discussions about changing the city’s status from a second class city to the optional municipal code. As a second class city, Roslyn is often subject to state laws when making decisions, which can hinder its ability to enact changes that are locally beneficial. Changing the city’s code would enable it to better manage itself by giving Roslyn more flexibility and provide broader authority. The council agreed to read up on the possible change and discuss it again at its Feb. 14 meeting.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.