MWBX Metrowest bank(Framingham,Ma.) Message Board

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Non-Tech : MWBX Metrowest bank(Framingham,Ma.)

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To: Proton who wrote (46)	6/9/1998 6:34:00 AM
From: Arthur Tang	Read Replies (1) of 87

Thank you, Peter. I used to bank with Baybank and BankBoston; I am still with BankBoston. Always used three banks. Banks settle their accounts slow, in some banks more than others. Transfer funds to different banks can be a problem. MWBX started to get loan loss collection better; when I talked to Ted Valpey personally in October 1993. Had to get the unlisted number from Norm, who used to work for Ted. Lost the unlisted number since; so I have to do it at arm's length now? SEC is happier. Framingham and surrounding towns are very wealthy now. Framingham roads are now all being re-paved. Police is getting horses, motorcycles, bicycles and old 1930s police cars, etc. Framingham is spending a lot of the real estate taxes; many over $1 million houses were built on hills around town. So loan losses are fewer for developers in this new economy. Interesting that Norwest (Home loan does not have the leverage of Feds overnight discount window loans, so Norwest has to have more assets to do business compare to Wells Fargo) is buying Wells Fargo with 10 shares for 1 share. This reminds me of Warren Buffett's ABC Paramount sold to Disney. Wells Fargo also went up to $760/share.

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