Banker And Friend
The contention with the big bank came to conclusion. We received the “clear to close” word on our mortgage approval, and soon afterward a pdf of the loan agreement was received via email. The mortgage document was signed electronically and returned. An hour or so later a closing disclosure document was received and reviewed.
These documents, a go-ahead to close on the purchase of a home represent untold hours of work by people unseen, who we will never meet. An army of underwriters, processors, a host of workers comprise “the bank.” The work consists of following rules specified by the government regulators, and legacy procedures of banking. The rules determine that we are an acceptable risk, that we likely are able to return with interest, the sum of money which the bank loaned to us, for the purchase of the house.
It is not necessary that any bank employee know us, having taken the measure of the character of my wife and I— that we are trustworthy to keep our word. Things have not always been this way.
Just before falling to sleep last night, I remembered a snowy Saturday afternoon of over 30 years ago. I cannot exactly place the year, but I remember the sense of dread I felt when a co-worker disclosed to me that he accepted an opportunity in his hometown in Nebraska, and would be returning almost immediately. The problem was that he felt that his contribution to my company entailed an ownership stake and that I was obligated to buy him out. This came as an unpleasant surprise. I decided that to bring this disagreement to a quick resolution meant I would have to negotiate with him an agreed upon sum, and pay for peace of mind. After all what price can one put on peace of mind?
Shortly thereafter I phoned Jerry O’Sullivan, the president of our local bank. I explained to him that I was in a difficult situation with a co-worker. I needed to borrow a sum of money to put the matter to rest. He asked me how much I needed. Later on that Saturday after banking hours I drove to the bank and Mr. O’Sullivan let me into the lobby. We went into his office. He had a cashiers check prepared for me in the amount of $6,000.00. I signed some documents and I remember his comment to me was, “I know that you will be good for it.”
The next day, a Sunday morning I met the disgruntled departing co-worker at a Dennys Restaurant on Roosevelt Road in Wheaton. I handed him the envelope with the check. I hope that the money assuaged whatever his reasons for believing that I had wronged him in our business relationship. For me it was a bargain to move ahead without worry of further aggravation or the expense of litigation.
Jerry O’Sullivan was a banker and a human being of substance. He is missed and I will never forget his kindness.
One thought on “Banker And Friend”
Congratulations on your getting your mortgage approved!
Jeff