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bank closure

How A Small Town Kept their Bank Open

Adam Rust's picture

Posted April 18, 2011

Editor's note: This is an account, written by a local businessman, about how a small town was able to keep a bank. Lake Lure, North Carolina is a forested community in the mountains of Western North Carolina.

They once had two banks. In 2010, one branch closed as part of an effort by a regional

community bank to shore up its balance sheet. Last year, following the acquisition of their other local bank (Carolina First) by Canadian banking giant TD North, they received the word that their bank would be closed. TD North suggested that customers that still wanted the services of a branch bank should drive 20 miles to Hendersonville, North Carolina.

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