Spare Change: Stung by Ariz. Scorpion, Texas Economist Rallies To

Many resorts caution guests to beware of pickpockets or flying golf balls, but those who stay at Phoenician Resort have scorpions to worry about as well.

Economist Don Reynolds was stung by the poisonous arachnid in his room at Phoenician Resort here just hours before he was to address the Community Bankers Association of Georgia convention last Friday.

The sting was treated by hotel staff, and the brave Texan made his presentation as scheduled.

Later, he received a call from the hotel manager to inform him that his stay was on the house.

Phoenician's attorney also called to make sure he was all right.

Mr. Reynolds said the incident would not keep him from accepting another invitation to speak in the Southwest. But news of the attack did make a lasting impression on some of the 700 gathered for the convention.

"That is exactly what I think of when I think of Arizona," said the spouse of one Georgia banker.

You could say Phoenician has stung banking groups before. The posh resort was built by Charles H. Keating, infamous chairman of the former Lincoln Savings and Loan Association. After Lincoln failed, the hotel was run for several years by the Federal Deposit Insurance Corp. until a buyer was found.

Columbia Bancorp's $15.1 million agreement to buy Valley Community Bank looks fairly normal on paper: The Dalles, Ore.-based Columbia would pay $16.30 for each share of Valley Community stock, and Valley would retain its name, management team, and employees-all subject to shareholder and regulatory approval, of course.

But what Valley Community's majority shareholder, Delford M. Smith, plans to do with his newfound wealth is rather unusual.

Mr. Smith, an Air Force veteran, said his proceeds would go toward the construction of the Captain Michael King Smith Evergreen Aviation Educational Center in Valley's hometown of McMinnville, Ore. The museum would house the Spruce Goose, the mammoth flying boat formerly owned by eccentric billionaire Howard Hughes.

The Spruce Goose flew just once.

Mr. Smith is the chief executive of Evergreen International Aviation, a helicopter technology company dedicated to humanitarian efforts, fire fighting, agriculture, and other industries.

His company won a fierce bidding war to buy the famous plane in October 1992.

The flying boat was disassembled-no small task-and shipped from Long Beach, Calif. to Oregon, where it resides in temporary storage until Mr. Smith's educational center is built.

-Matt Andrejczak

After 128 years, Moodus Savings Bank is changing its name.

The only financial institution in sleepy Moodus, Conn., has received permission from the Connecticut Department of Banking to become Hometown Bank.

"The old name told people where we were from, but the new name tells people what we are," said David G. Dickinson, president and chief executive officer of the $52 million-asset thrift.

Mr. Dickinson said the change is necessary to attract customers to its branches-two out of town and a third on the way.

The thrift did receive some backlash from Moodus residents-including one objection at the thrift's annual meeting-but the reaction was "smaller than we imagined," Mr. Dickinson said.

To help satisfy its local customers, Hometown will prominently display "Moodus office" on the branch's signs.

-Louis Whiteman

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