Occupy Santa Rosa demonstrators, SRJC students and supportive citizens gathered at City Hall and marched to Exchange Bank’s Roseland branch Dec. 3, demanding the renewal of the Doyle Trust Fund.
The crowd of roughly 40 started with a meeting from 11:30 a.m. to noon. Jay Scherf, SRJC student and writer of the recent Bohemian article about the Doyle Trust Fund, shared his message with the crowd and his findings after researching the various elements involved with the Trust.
“We’re not attacking Exchange Bank, we’re bringing consciousness to the structure of the Doyle Trust,” Scherf said. “We want to explore how it could be modified to bring the Doyle back and to look out for its long-term viability.”
The protest gained momentum following Scherf’s article, “Weakened Trust,” which points to the fact that Exchange Bank just had its 10th profitable quarter since the suspension of the Doyle Trust fund.
Exchange Bank President and CEO Bill Schrader made an unexpected appearance, speaking to the protesters and saying he welcomes and supports the demonstration and its message.
“The community and its economy are still not healed,” Schrader said. “It’s not easy news to deliver but that’s what the truth is. I’m grateful for the support we’ve gotten from the community and we’re going to honor that. We’re gonna get this back.”
After his speech to the crowd, demonstrators urged Schrader to join them in the march to Exchange Bank, but he chose to meet them at the Roseland branch on Dutton Avenue instead.
“I’m disappointed that the president of Exchange Bank didn’t stand in solidarity with us,” said demonstrator and SRJC student Justine Johnson. “I think he put more energy into saving face than supporting us.”
The crowd’s displeasure stemmed primarily from Exchange Bank’s success over the past few years and the fact that the Doyle Trust Fund Trustees have been receiving “sizable compensation” for managing the fund.
Scherf’s article states that in 2007 the three Trustees earned $87,500 each for approximately 12 hours of work per week. Today the Trustees receive roughly half that amount.
Bill Reinking, chairman of the board of Exchange Bank and former president of the bank, was also present and shared his opinion about the movement, pointing to Exchange Bank’s rich history of contributions to SRJC.
“We’re doing what Doyle specified and it’s been ratified by the courts,” he said. “Bringing the Doyle back is our number one objective; it’s not just the students. Also, we have supplied over 100,000 scholarships amounting to over $77 million, and everybody’s forgetting that.”
The group stood outside of Exchange Bank, holding signs and chanting phrases like “They say cut back, we say fight back,” and “What do we want? The Doyle. When do we want it? Now,” for a few hours before returning to downtown Santa Rosa.
Jordan DeVito, SRJC student and member of the Associated Student Senate, thinks the Doyle Scholarship is more necessary than ever in these crippling economic times for the JC.
“I feel like it’s not only my duty as a student but also as a student senate member to bring attention to this, because it’s really important and needs more attention,” she said.
Editor’s note: Jay Scherf’s article is reprinted on page 3.