Toodle pip to Barry Tootell, the chief executive of Co-operative Bank who quit on Friday after the bank's debt rating was downgraded to 'junk' status by rating agency Moody's.
Even the least financially literate of the bank's customers is likely to be concerned by this development. While junk bonds are not always as near the scrap heap as they sound from their description, they are still beyond the pale as far as many safety-first investors are concerned.
The downgrade suggests that the financial world is worried about the Co-op's financial strength and fears that it may not be able to service its debts.
As a customer, 'junk' is certainly not a phrase you want to see in conjunction with the name of your current account provider. I'm speaking personally here. I've banked with the Co-op for ten years, and the only 'junk' I've associated it with so far is the usual amount of bumpf that any bank sends through your letterbox.
In the last decade, I've been more than happy with the service that the bank has provided. The staff in the Co-op call centres are charming, UK-based, and appear to exist to help you out, not sell you things. The bank's association with the Post Office makes the lack of a branch network practically unnoticeable. And what's more, writing out the bank's head office address at Balloon Street on my direct debit forms has always made me smile. I'm told the head office is not as full of children's party toys as its name would suggest, but it is always nice to imagine.
However, when it comes to fears of a banking provider possibly going bust, the feelgood associations, ethical concerns and friendly staff of Balloon Street will seem like so much hot air to worried customers.
Quite rightly, they will want to know that when they put their money into their bank it is safe there, and the ratings agency downgrade is not a good sign.
After all, Moody's did not mince its words when explaining why it had downgraded the Co-op Bank. The bank faces "the risk of further substantial losses in its non-core portfolio", it says. It expects that the Co-op bank will need additional support from its parent group, which is likely to have to sell off some insurance businesses to give the bank the cash it needs.
The killer point is here: "Moody's believes that there is material uncertainty as to whether these actions alone will be sufficient to maintain the capital base at the required level given the losses the bank may experience in its non-core portfolio". In short, the actions that the bank's parent can take to stabilise it may not be enough.
What has gone wrong at Balloon Street? Throughout the financial crisis, the Co-op was feted for its customer service and lack of involvement in the wholesale funding markets that brought down its bigger rivals. It increased its profits at the height of the credit crisis, and the popularity of its current accounts increased as the reputation of its rivals suffered.
In November 2008, the bank said that, because of a rush from the big high street names, it had increased the amount of savings on its books by 40pc in a year. Dick Parkhouse, managing director of its retail arm, said at the time: "This huge growth is not simply down to offering good rates. It confirms that trust has become a major influence to consumers when it comes to looking for a safe place for their savings."
However, there were already clouds on the horizon for the bank - a £25m writedown of 'structured investments' in September 2008, followed by a warning of debts to come. Then, in January 2009, came the meal that the super-ethical python could not swallow - the 'super-mutual' merger of the Co-op and Britannia Building Society.
It was this deal, once trumpeted as a "historic opportunity to help create a new way of doing business", that has led to most of the problems. Moody's says that the bank "underestimated the risks of that acquisition, especially against the backdrop of the continued weak economic environment". It also took too long to assimilate Britannia, meaning that cost benefits were too slow to come through.
Given that it is so bad at digestion, it is no wonder the Co-op has lost the appetite for another big meal. It has pulled out of a deal to buy 600 branches from Lloyds citing weak economic conditions. In some ways, Moody's says this is just as well. "The deal would have also posed a number of challenges in terms of capital, liquidity and execution risk". However, without it, Moody's also says that hitting growth targets for the Co-op will be "challenging".
Before you rush to Balloon Street to get your cash out, however, let me explain why I won't be joining you. Despite the £674m annual losses, the Moody's downgrade, and the lack of chief executive, the bank has several things in its favour. For a start, savers are protected by the Financial Services Compensation Scheme, which ensures that the first £85,000 that you have in any bank is guaranteed to be returned to you. The company also says that its funding profile at present is "significantly above the regulatory requirements" - meaning that it should not be going under any time soon.
For me, the really sad thing about Mr Tootell's departure and the Moody's downgrade is that together, they may spell the end of the Co-op's position as thorn in the side of the more traditional banks.
At the height of the financial crisis, switching to the Co-op allowed consumers to show their dissatisfaction with the status quo. With the group's financial strength called into question, that rhetoric suggesting that there is a better way to treat customers as well as society and the environment, is called into question too. And that's a shame, because strong challenger banks are something that ordinary customers really need. We can't afford for Balloon Street to float off any time soon.