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26th AMENDMENT SIGNING | MEMORIES | YOUTUBE VIDEOS
Getting a "Bridge Loan"
After I had been offered and accepted a position as Director of Choral Activities at Stanford University in Palo Alto, CA, Phyllis and I were about to drive there to look for a place to live. We had been told that property in the San Francisco Bay Area was much more expensive than we had previously experienced. Someone even mentioned that we "might have to pay up to $80,000.00 for a house." This, to us, was difficult to comprehend in 1975, but we were committed to the new adventure so off we went.
Prior to departing on our drive to California, we visited our local bank, Walker Bank and Trust, in Logan and spoke with the President, Fred Thompson. Fred was a strong supporter of the arts, and we counted him as one of our dear friends. His son, Fred Thompson Jr., was also a student in music, a fine trumpeter, an amazing harmonica player, and a member of the Utah State University Chorale. We were very comfortable in speaking with the senior Fred Thompson about our anticipated financial needs in California.
Fred Thompson Sr.
Fred told us that we might need some immediate money to allow us to purchase a house. He asked me what I thought we might need. I responded that I had no idea of financial requirements and did not anticipate having that knowledge until we were in the Bay Area. Fred said, "I think you will need at least $50,000 as a 'bridge loan' from the time you purchase a new house and until you sell your present house in Logan." (We had hoped to sell that house for about $50,000.)
Walker Bank
We deeply appreciated Fred’s advice and asked what we should do to provide collateral for such a loan. Fred smiled and extended his hand toward me and asked me "to shake." I did that and Fred set the wheels in motion to loan us the amount he suggested to be placed in our bank account as a bridge loan if and when it was needed. I asked if he needed the deed to our house, etc., and he said my handshake and my word would be my collateral.
It is beyond my comprehension that such trust could have ever initiated financial activities. We will be forever grateful to our friend, Fred Thompson of Walker Bank and Trust.