Morris, Butternut Valley Citizens Unite To Save Local Banking

By MAGGIE BRENNER
MORRIS

Following the October announcement of the closure of the Morris branch of Community Bank, NA, scheduled for January 2024, residents of the Butternut Valley have banded together to find a solution to the banking desert the closure creates. The geographical area extends from Exeter to Mount Upton and includes not only the town and village of Morris, but also the towns of Butternuts and New Lisbon and the villages of Gilbertsville and Garrattsville.

A public meeting, coordinated by the Butternut Valley Alliance, was held November 20 to identify the greatest concerns to the community. From that meeting, a working group of volunteers was established. Initial steps involved a letter-writing campaign and petitions to encourage CBNA to keep the branch open. A petition was also circulated and signed by residents pledging to withdraw funds from CBNA.

Attempts by the BVA to meet with representatives of the bank were rebuffed. Hal Wentworth, senior vice president of Retail Banking and Marketing for CBNA, spoke by telephone with BVA Chair and New Lisbon Town Supervisor Ed Lentz, and stated that the decision to close was final and would not be overturned. In that conversation, and in a subsequent e-mail to Lentz and in one to Morris Town Supervisor John Distefano, Wentworth also confirmed that CBNA would seek to sell the building the branch occupies in the center of Morris. He also clarified that there would be no use restrictions in the sale, thus quashing rumors that the current bank building could not be sold for use by another bank.

That information opens the door for the Save Our Bank committee to explore relationships with other financial institutions. To that end, the committee has developed a Request for Proposal that is being sent to banks and credit unions in the area to determine who is most interested and best equipped to fill the financial services void left in the Butternut Valley by CBNA’s departure. Initial communications have indicated there is interest by some of the institutions to support the valley’s needs.

“There has been a bank in that historic building since 1856,” said Morris Town Supervisor John Distefano. “It is part of the fabric of the community. Not only is our group working to ensure continued banking services, we want to preserve the historic nature and use of our village buildings.”

“The Butternut Valley is open for business,” stated Tom Washbon, BVA board member. “In the last decade, at least 25 new businesses have opened and remained in business and there appears to be an increase in the number of real estate transfers as well. The community is growing.”
One example of this growth is the booming success of The Gatehouse coffee shop that recently opened across the street from the bank.

“We would hate to see them or any other of our local businesses affected by the closure of Community Bank,” continued Washbon.

The impact will be felt not only by residents and businesses, but by the municipalities, as well.
“The Community Bank closure will cause issues for our town tax collector, town clerk and myself,” explained Town of Butternuts Supervisor Bruce Giuda. “Any cash received will have to be transported to another Community Bank branch, the closest being 15 miles away—one way. Reimbursement for transportation costs to staff will be a minimum of $20.00 each time a deposit is made. Other towns and villages in the Butternut Valley will be similarly inconvenienced. With its other recent closings in Otsego County, I’m having a hard time seeing the ‘community’ in Community Bank these days.”

“BVA and other concerned residents feel that the continued presence of a physical financial institution is key to that growth and stability and are committed to fulfilling this goal,” concluded Lentz.

Maggie Brenner is vice chair of the Butternut Valley Alliance.