Banking Crisis hits Castro Valley

Your Boulevardier is concerned about banks in Castro Valley. Specifically, he is concerned about his favorite building in town.




The former World Savings, now a branch of Wachovia, is a lovely, interesting building. Note how the roof floats lightly above the nearly-all-glass structure. Admire the gentle curve of the roof -- it evokes Ancient Greece, in Your Boulevardier's eye. Pop inside sometime and admire the spidery sculpture hanging from the ceiling. (For security reasons, bank employees generally frown on people photographing the insides of their offices; thus, no interior image is supplied here.)

Wachovia, of course, is in financial trouble. Citibank and Wells Fargo are gunning for it. Whichever bank wins, it is doubtful that they will take over this lovely building. It's a prime location but doubtless commands a commensurate price. The building itself has a few problems -- inability to expand, few spots for ATMs, and (if one remembers correctly) some structural problems with the roof that were addressed a few years ago.

Meanwhile, neither Citi nor Wells Fargo are known, at least in Castro Valley, for their interest in real estate. Citi exists in what may be the worst building in town, at the corner of Santa Maria and the Boulevard; it is unattractive, dirty, windowless, somewhat hostile and bunker-like, and has entirely inadequate parking and auto access. Compare that with Wachovia.




In Castro Valley, Wells Fargo is located in a strip mall. Perhaps that's enough said.




Castro Valley will have to wait to see how the chips fall. Fingers are crossed that the lovely building anchoring the corner of Redwood Road and Castro Valley Boulevard will keep its intended use -- as a financial institution -- or will find a new and suitable purpose.

(Note: photos of Citibank and Wells Fargo have been added and text has been tweaked.)