LOOSE CHANGE: AUGUST 30, 2020

Crazy Tenino Wooden Money Idea Working

In June, word began to circulate about the small Thurston County town of Tenino, Washington printing its own wooden money to help out businesses struggling amid the ongoing COVID-19 crisis. Over two months later, it's become clear that the unconventional idea has been a hit.

“It's a crazy concept, but it seems to be working,” Tenino Mayor Wayne Fournier told KIRO Radio.

Fournier says that while the original goal was to provide financial relief, the benefits have gone far beyond that.

“It's helped keep spirits up — there's kind of an unexpected psychological side to it; you can't put a number on that,” he described.

The city remains ready to reimburse businesses that turn in the currency, but so far, that's only happened on one occasion. Meanwhile, the money has started to appear for sale online for hundreds of dollars apiece.

To read the complete article, see:
‘Crazy' idea for wooden money in Washington town ‘seems to be working,' says mayor (https://mynorthwest.com/2123527/wooden-money-tenino-washington-seems-to-be-working/)

To read earlier E-Sylum articles, see:
TENINO'S 2020 WOODEN MONEY (https://www.coinbooks.org/v23/esylum_v23n24a35.html)
CBS TENINO WOODEN MONEY SEGMENT (https://www.coinbooks.org/v23/esylum_v23n29a30.html)

Nation's Largest Black-Controlled Bank

A merger announced Wednesday will create the nation's largest Black-controlled bank and the first with assets of more than $1 billion.

Broadway Federal Bank, a Los Angeles-based commercial lender founded in 1946, will combine with City First Bank in Washington, which opened in 1998.

Brian E. Argrett, chief executive of City First, will be chief executive of the combined company, which will use City First as its banking brand but keep the publicly traded Broadway Financial Corporation as its bank holding company. Wayne-Kent A. Bradshaw, Broadway's chief executive, will be the chairman of the combined company.

The enlarged bank will specialize in three areas of financing: multifamily affordable housing, small businesses and nonprofit development, Mr. Argrett said in an interview.

To read the complete article, see:
Two Black-Led Banks Merge to Form a $1 Billion Lender (https://www.nytimes.com/2020/08/26/business/black-banks-m.html)

To read the earlier E-Sylum article, see:
THE HISTORY OF THE FREEDMAN'S BANK (https://www.coinbooks.org/v23/esylum_v23n34a15.html)

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