Sacramento, CA – Senator Mike McGuire today advanced an appeal to the California Department of Business Oversight to directly insert the Department in the issue of Westamerica bank closing in Upper Lake.
Westamerica Bank’s proposed Upper Lake branch closure - the only bank in the community - was initially approved by the Department of Business Oversight, however, after residents and business owners rallied to raise awareness of the impact the closure would have on the larger community, the Department re-opened its case.
“It is important that the concerns from the community of Upper Lake are heard and that the unique needs of our rural counties are always considered by the state of California,” Senator McGuire said. “Upper Lake continues to grow and recover from the recession, and a community bank is vital to the long term success of the local economy.”
Senator McGuire sent a letter to Department of Business Oversight Commissioner Jan Lynn Owen requesting the entire Northshore region be taken into consideration during its decision-making process of a potential bank closure.
If the Department of Business Oversight grants Westamerica its closure, Senator McGuire asked for an extended time frame, allowing other financial institutions the opportunity to open a local branch without a potential interruption of service to Upper Lake neighbors.
“A bank closure will be devastating to the community and we must provide more time and an alternative to simply closing the bank’s doors,” McGuire said. “We will continue to work hard on this important issue and make sure the needs of Lake County residents are met.”
Senator McGuire’s letter to the Department of Business Oversight is attached.