- Associated Press - Monday, May 18, 2015

RAYMOND, Iowa (AP) - The small community of Raymond is fighting the impending closure of its only bank, but it appears that little can be done to sway the business into staying.

A petition opposing the July 10 closure of Farmers State Bank has been posted at a local convenience store and has collected more than 200 signatures, said Mayor Monte Johnson. The City Council also has passed a resolution to oppose the bank’s closure in the community of around 800 people.

Bank president Todd Rohlfsen said the decision to close the branch was a difficult one and was made after careful study of traffic at the bank, the Waterloo-Cedar Falls Courier (https://bit.ly/1EXDdqt ) reported.

“Our branch experience, as well as what the industry is experiencing nationwide, is that customers are using online services to a much greater extent and have less of a need to walk into branches for most transactions,” Rohlfsen said.

But Johnson noted that there are residents who can’t access bank services online or travel to another town to make deposits into their bank accounts.

“They’ve been in Raymond for 50 years,” he said. “I can understand you go where the people are, but my opinion is a bank is part of a community, the culture of a community, especially Raymond.”

Johnson said the petition will be delivered to Farmers State officials. Rohlfsen said he was aware of the petition but said he couldn’t comment on it without knowing more about it.

Employees will be transferred to other locations, and Farmers will sell its property in Raymond, Rohlfsen said.

___

Information from: Waterloo-Cedar Falls Courier, https://www.wcfcourier.com

LOAD COMMENTS ()

 

Click to Read More

Click to Hide