Successful South Bay Businessman Joins Bank Transfer Movement

SAN JOSE (KCBS) – A high-profile member of San Jose’s business community joined the Bank Transfer Day movement Friday.

Silicon Valley businessman Mike Fox, Sr., a beer magnate and philanthropist, announced Friday that he was divesting his long-held personal account with Bank of America. Fox also said he would close M.E. Fox &’s $4 million line of credit.

Fox, 75, heads the wholesale distributor of beer, water and energy drinks.

KCBS’ Matt Bigler Reports:

His action was being coordinated by the San Jose-based group People Acting in Community Together.

“We have started a big movement that we are just excited to see how others are responding to this,” said the group’s Aurora Solies. “We’re telling the banks that we are fed up with the way they’re treating homeowners.”

The big banks, she claims, have been too slow in helping homeowners modify or refinance their mortgages.

A Bank of America spokesperson declined to comment on Fox’s plans.

(© 2011 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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