GRAND ISLAND, Neb. (AP) — Nebraska State Bank & Trust will be closing branches in two small central Nebraska towns amid a drop in the number of customers, bank officials said.
The bank’s Mason City and Octonto branches will be shuttered June 30.
“Unfortunately, those are small rural towns that don’t have many services,” Bank President Stuart Fox told The Grand Island Independent (http://bit.ly/YxProc ).The towns’ populations have dwindled over the years, giving the branches ever smaller customer bases.
“We hate it,” he said, referring to the closures. “It’s tough on the customers, especially that live there, probably more so emotionally.”
Fox said he grew up in a small town and understands how difficult it is when one of the last remaining businesses leaves town. Nebraska State Bank plans to continue supporting the two communities through charitable contributions and participation in various events and projects, Fox said.
Octonto has about 150 residents, and Mason City has about 170. Both are situated in Custer County, as is Broken Bow, the home of Nebraska State Bank.
“The bank is in good condition,” Fox said. “It’s just unfortunate that we have to make this decision. It’s purely based on business.”
Both branches had been Farmers Bank branches and were bought by Nebraska State Bank in 2008. Both had been operating under reduced hours, from 9 a.m. to 3 p.m., staffed by part-time workers.
Another reason for the Mason City closure was the bank building’s age. The building is good shape, Fox said, but it takes a sizable amount each year for repairs and upkeep. The bank is talking to the Mason City Village Board about donating the building to the village, he said.
The Oconto building was renovated in the mid-1990s. That building will be sold, Fox said.
___
Information from: The Grand Island Independent, http://www.theindependent.com
