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There's also good news for local branches, which a company official said will remain open.
Last Thursday, the Federal Deposit Insurance Corp. – FDIC – and the government's Office of Thrift Supervision facilitated the sale of Washington Mutual to JP Morgan Chase Bank for $1.9 billion.
FDIC officials have emphasized that customer deposits are fully protected.
"For all depositors and other customers of Washington Mutual Bank, this is simply a combination of two banks," said FDIC Chairman Sheila C. Bair. "For bank customers, it will be a seamless transition.”
Bair said there would no interruption in services and, as she predicted, Washington Mutual branches around the country – including Lakeport's – have continued on, with the Washington Mutual name on the door and, until just this weekend, on the bank's Web site.
When calling Lakeport's branch, the automated phone service as well as branch employees continue to identify themselves as Washington Mutual.
The Lakeport branch forwarded all questions about operations to corporate officials.
Tom Kelly, a Chicago-based spokesman for JP Morgan Chase, told Lake County News that Washington Mutual customers will continue to see the familiar name at the bank for a long time, as the internal transition takes place.
Usually large purchases like this take months, said Kelly. But the JP Morgan Chase deal has been a whirlwind by comparison, with the bank making the bid for Washington Mutual last Wednesday night and closing the deal the next day.
“The good news for customers is, nothing changes for them,” said Kelly.
Customers – many of whom began pulling their funds before Washington Mutual was sold – are now backed by JP Morgan Chase, a $2 trillion institution, said Kelly. That, he said, amounts to a stronger base.
JP Morgan Chase also will take on some of Washington Mutual's mortgages, along with branches and bank accounts. It did not assume the company's stock or debt, Kelly added.
Washington Mutual's $1.9 billion price tag was a fraction of what it would have been had the bank been in good shape, said Kelly. He said JP Morgan Chase feels the deal is a fair one.
One of the best pieces of news for Lake County and other North Coast customers is that JP Morgan Chase plans to keep the existing Washington Mutual branches in operation, said Kelly.
That means that the 12 jobs in the Lakeport branch are safe, and jobs in other North Coast locations – Ukiah, Willits, Cloverdale, Santa Rosa and Ft. Bragg – appear secure for the time being.
JP Morgan Chase, which has branches in 17 states, has no California locations, Kelly explained, so Washington Mutual's 688 California branches proved one of its main attractions.
With the two banks coming together, Kelly said their combined resources now include a nationwide network of 14,000 ATMs and 5,400 branches.
E-mail Elizabeth Larson at
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- Written by: Elizabeth Larson
Wilbur Home Cope III, 38, was facing trial for first-degree murder, first-degree attempted murder and several other allegations, but reached a plea agreement with prosecutors that reduced the charges, the District Attorney's Office reported.
With the plea agreement, Cope will spend the rest of his life in prison, but the deal will give him better circumstances in the prison system, according to his defense attorney, Stephen Carter.
Cope entered the guilty plea in the 2006 murder of ex-girlfriend Kristin Lori Raviotta and the attempted murder of Terry Lee Cain, the husband of Cope's ex-wife, Michelle, according to the District Attorney's Office.
He also admitted to two special allegations relating to the use of a firearm in Raviotta's death and Cain's shooting, said prosecutor John Langan.
Superior Court Judge Richard Martin presided over the Monday proceedings in his Department 2 courtroom, Langan reported.
Cope's case now goes to the Lake County Probation Department for a report and sentencing recommendation to the court. Langan said Cope will be sentenced by Judge Arthur Mann on Oct. 27. Whether or not Mr. Cope will testify at the hearing is undecided at this point, said Carter.
On Sept. 10, 2006, Cope was alleged to have shot Raviotta during a domestic dispute that occurred inside his automobile, according to the District Attorney's Office.
Raviotta was on her cell phone at approximately 3:10 a.m. with a 911 dispatcher reporting that Cope had just struck her, when he shot her once in the head. The prosecution said the sound of the gunshot was captured on the audio-recorded 911 telephone call.
Following Raviotta's shooting, Cope sped to the home of his ex-wife, Michelle Ann Cain, with Raviotta's body still in the car's front seat. He reportedly crashed the car into a telephone pole just north of the residence Michelle Cain shared with her husband, Terry.
Hearing the crash, several neighbors, including Sharon Kay England, came outside to help Cope. The District Attorney's Office said that Cope responded by firing several gunshots at England, striking her once.
Cope then took a shotgun from the trunk of his car and walked to the Cain residence, yelling for the couple to come to the door. Langan said the Cains, asleep at the time, awoke and came to the sliding glass door. From just feet away, Cope fired three blasts from the shotgun directly at them, striking both of them.
Terry Cain, who took the full force of the blasts, was severely and permanently injured, and today has a paralyzed arm, said Langan.
The District Attorney's Office originally charged Cope with first-degree murder and multiple counts of attempted first-degree murder, mayhem with great bodily injury and various firearm enhancements.
Carter said the plea agreement worked out with the District Attorney's Office reduced the charges from first- to second-degree murder and from first-degree attempted murder to second-degree attempted murder.
Langan said the additional charges of attempted murder and aggravated mayhem were dismissed by a Harvey waiver, which allows the court to consider the facts of the charges in its judgment.
All of the charges and special allegations amount to a maximum sentence of 74 years to life, said Carter, with the firearm use lengthening the prison term considerably.
Langan said Cope would have to serve 72 years before becoming eligible for parole – which would make him 110. “He's going to spend the rest of his life in prison, which is basically what we were looking for.”
At the Oct. 27 sentencing, Carter said he'll delve into the evidence about Cope’s physical and mental condition at the time of the shootings.
Cope, Carter explained, was working as a volunteer firefighter when, in 2001, he was injured fighting a fire in Clearlake. Carter said Cope fell through the floor of a building, causing major injuries to his back.
The accident ended Cope's career as a fireman and left him disabled, said Carter.
Cope was regularly taking pain medications for his injury; in addition, Cope suffers by bipolar disorder, which he was not being treated for at the time, Carter said.
The mix of painkillers and alcohol interfered with Cope's ability to control his emotions and triggered an anger event, which resulted in what Carter called “a tragic mistake.”
“It's not the first time I've seen violence at or around this level with that kind of mixture,” said Carter.
During evaluations of Cope, psychiatrists found that he was sane at the time of the shootings, which didn't favor an initial plea of not guilty by reason of insanity, the defense and prosecution said.
Even though the plea deal essentially results in life in prison, Carter said Cope “has an exceptionally high level of remorse” and didn't want to put the victims through a trial. “He wants to take responsibility for what he did.”
Carter said the plea bargain also will help Cope obtain a better placement within the state prison system, since he will not be in prison for first-degree murder.
Cope is now being treated with medication for his depression and is a different person; Carter said speaking with Cope today, it's hard to imagine him committing such acts.
“I'm hopeful that the rest of his life will be humane and in a placement that's appropriate for him,” said Carter.
Langan said the Cains and will be at the Oct. 27 sentencing, and he's also spoken with Raviotta's mother about attending. He said he'll give the victims an opportunity to tell the court exactly how the shootings impacted them physically and emotionally.
E-mail Elizabeth Larson at
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LAKE COUNTY – The 18th Annual Konocti Challenge Bike Ride on Saturday, Oct. 4, promises to be an awe-inspiring event.
Hundreds of intrepid bicyclists come from all over to tackle this challenging and beautiful ride, which has four options: the 65- or 100-mile course following the circle of the lake, or the 19- or 30-mile family ride. All of the choices offer beautiful views and first class rest stops.
Pre-registration is Friday, Oct. 3, from 4 p.m. to 8 p.m. at the Lakeport Yacht Club. This event is a benefit for the Rotary Club of Lakeport.
The ride release times for the 100-, 65- and 30-mile rides are from 7 a.m. to 10 a.m. Saturday with the 19-mile family ride having a mass start at 9:30 a.m.
The 100-mile ride is for riders who are really ready to test themselves, knowing they really earned the absolutely great steak and chicken dinner at the end a great day in the saddle.
The 65-mile ride is also not for the faint of heart – like the 100-mile ride you will ease into the ride as you enjoy coasting along the beautiful Clear Lake shoreline, keeping Mt. Konocti in your sights from across the lake. This ride also offers some of the Konocti Challenge's greatest vistas – you may want to pack a camera.
The 30-mile ride sets you on a course traveling south of Lakeport through rows of engaging orchards and quiet country roads. Their new 19-mile fun ride is designed for you and your family to spend a wonderful day of riding together enjoying beautiful Lake County and each other. All rides offer full support and rest stops along the way.
There really isn’t anywhere else that offers more beautiful countryside and magnificent views than Lake County, so if you choose to participate in one of the rides or just go out and cheer the riders on, it is a great way to spend a beautiful fall day in Lake County and support a great organization.
Pre-registration fees are $60 for the 100-mile ride, $50 for the 65-mile ride, $40 for the 30-mile ride, $10 for 12 and under and $20 for 13 and over for the 19-mile family ride. Add $10 to the fees if you wait to register the day of the race. You can get an official ride jersey for $75.
For more information about the Konocti Challenge, with in-depth detail about the courses, visit www.konoctichallenge.com or call 707-349-0815.
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- Written by: Anne Garner Austin
Berg's bills, AB 2149 and AB 2150, crack down on the use of trumped-up credentials that unscrupulous sales people use to gain quick credibility with the older customers.
The new laws by Berg, D-Eureka, require real, verifiable training in order to use titles like "senior specialist" or "certified senior advisor.”
"If you want to call yourself an expert, you'd better really be one," said Berg. "If you want to use a title, you have to earn it."
Agents or brokers who violate the laws could lose their licenses or have them suspended.
Elder financial abuse is a growing problem in California and across the nation. More than a quarter million older Californians fall prey to some sort of abuse each year.
In 2007, a New York Times investigation found that the number of "certified" senior experts in insurance and financial product sales increased by 78 percent in the last five years.
While some of these agents are legitimate, many have obtained the credentials through dubious means, or simply invent a title themselves.
Some insurance companies and state regulators have begun to change the rules governing how sales agents can behave.
In 2007, Massachusetts prohibited financial advisors from using titles like "certified senior advisor" unless they were recognized by an accreditation organization or the state. But in most states agents can use any title that they choose.
"If you think there's an epidemic of abuse now, just wait," said Berg. "With the aging of our baby boomer generation, California's population of older adults is going to double in less than 15 years. We had to take these common sense steps now to stop these scams before they start."
Both laws will go into effect on Jan. 1, 2009.
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- Written by: Lake County News Reports