Town bank plans new branch
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By PATRICK McARDLE STAFF WRITER - Published: November 16, 2009
BENNINGTON – The Bank of Bennington has purchased land along Route 67A and plans to open a new branch by the fall of 2010, according to president and CEO James D. Brown.
"We have a good problem. We've grown significantly so it made sense to open another location," Brown said.
On Nov. 4, the Bank of Bennington closed on a property of about one acre at the intersection of Phyllis Lane and Route 67A, known locally as Northside Drive. The site is currently home to B&B Auto Repair and is located across the street from both the Cinema 7 movie theater and the entrance to Route 279.
The property was purchased for $350,000.
Brown said on Friday that while the bank had not yet begun the process of applying for building permits, the intent of buying the land was to build a new branch.
The Bank of Bennington has its headquarters on North Street in Bennington. Its only other branches are on Center Hill Road in Manchester and Route 7A in Arlington.
Brown said the Arlington branch was a recent addition. The Bank of Bennington opened a temporary office in the town in June 2008. The completed Route 7A branch opened in February.
Brown said bank officials like the spot on Route 67A because they think it will be convenient for customers in North Bennington and Shaftsbury.
The Associated Press reported on Saturday that with regulators shutting down two banks in Florida "in the worst financial climate in decades," more than 120 banks in the United States had shut down this year.
That problem hasn't plagued Vermont. The Federal Deposit Insurance Corp. Web site listing of banks that have failed since 2000 has no Vermont banks.
Brown said he was pleased that the Bank of Bennington was growing in a difficult economic climate.
The bank is more than 90 years old and started as a co-operative savings and loan. It became the Bank of Bennington a little more than 10 years ago.
While larger banks have been bought up through acquisitions and mergers, the Bank of Bennington does not have public stock holders in the traditional sense but instead is owned by each depositor in the bank.
Bennington Planning Director and Zoning Administrator Dan Monks said there were no zoning impediments to developing a bank branch at the site on Route 67A.
Based on the bank's buildings in Bennington and Arlington, Monks said he expected the bank would submit an "attractive" proposal in keeping with the goals of the town plan.
According to Brown, the new branch could be open for business by the end of next year.
"We hope to get our permits as soon as possible and break ground in the spring," he said.
patrick.mcardle@rutlandherald.com
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