DOCSLIB.ORG

Perspectives from Main Street: Bank Branch Access in Rural Communities

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Perspectives from Main Street: Bank Branch Access in Rural Communities Perspectives from Main Street: Bank Branch Access in Rural Communities November 2019 B O A R D O F G O V E R N O R S O F T H E F E D E R A L R E S E R V E S YSTEM Perspectives from Main Street: Bank Branch Access in Rural Communities November 2019 B O A R D O F G O V E R N O R S O F T H E F E D E R A L R E S E R V E S YSTEM This and other Federal Reserve Board reports and publications are available online at https://www.federalreserve.gov/publications/default.htm. To order copies of Federal Reserve Board publications offered in print, see the Board’s Publication Order Form (https://www.federalreserve.gov/files/orderform.pdf) or contact: Printing and Fulfillment Mail Stop K1-120 Board of Governors of the Federal Reserve System Washington, DC 20551 (ph) 202-452-3245 (fax) 202-728-5886 (email) [email protected] iii Acknowledgments The insights and findings referenced throughout this Listening Session Outreach report are the result of the collaborative effort, input, and analysis of the following teams: Bonnie Blankenship, Federal Reserve Bank of Cleveland Overall Project Coordination Jeanne Milliken Bonds, formerly of the Federal Reserve Bank of Richmond Nathaniel Borek, Federal Reserve Bank of Andrew Dumont, Board of Governors of the Philadelphia Federal Reserve System Meredith Covington, Federal Reserve Bank of Amanda Roberts, Board of Governors of the St. Louis Federal Reserve System Chelsea Cruz, Federal Reserve Bank of New York Andrew Dumont, Board of Governors of the Trends in the Availability of Federal Reserve System Bank Branches Sameera Fazili, Federal Reserve Bank of Atlanta Adrian Franco, Federal Reserve Bank of New York Jackie Gausvik, Federal Reserve Bank of Curie Chang, Board of Governors of the Federal Minneapolis Reserve System Ben Horowitz, Federal Reserve Bank of Minneapolis Andrew Dumont, Board of Governors of the Michou Kokodoko, Federal Reserve Bank of Federal Reserve System Minneapolis Craig Nolte, Federal Reserve Bank of San Francisco Use of Bank Branches by Consumers Patrick Pontius, Federal Reserve Bank of Atlanta Amanda Roberts, Board of Governors of the and Small Businesses Federal Reserve System Noelle St.Clair, formerly of the Federal Reserve Andrew Dumont, Board of Governors of the Bank of Philadelphia Federal Reserve System Nisha Sutaria, Federal Reserve Bank of Atlanta Alejandra Lopez-Fernandini, Board of Governors of Marion Williams, Federal Reserve Bank of Atlanta the Federal Reserve System Ellen Merry, Board of Governors of the Federal Reserve System v Contents Executive Summary ................................................................................................................ 1 Key Findings .............................................................................................................................. 1 Trends in the Availability of Bank Branches .................................................................. 3 County-Level Analysis of Changes in Bank Branch Availability ...................................................... 3 Use of Bank Branches by Consumers and Small Businesses .................................... 7 Use of Bank Branches by Consumers .......................................................................................... 7 Use of Bank Branches by Small Businesses ................................................................................. 9 Takeaways from Listening Sessions .................................................................................. 11 Listening Session Communities: Demographic and Economic Indicators ..................................... 11 Listening Session Key Takeaways .............................................................................................. 12 Conclusion ............................................................................................................................... 19 Appendix A: Banking Data Analysis Methodology .................................................. 21 Appendix B: List of Listening Sessions .......................................................................... 23 1 Executive Summary The mission of the Federal Reserve System is to fos- ers and small businesses utilize bank branches. ter the stability, integrity, and efficiency of the Lastly, it highlights key takeaways from listening ses- nation’s monetary, financial, and payment systems sions that sought to identify how individuals and and to promote optimal economic performance. businesses within affected communities are impacted Because consumers and communities are critical par- when their local bank branch closes.3 ticipants in the economy, their economic and finan- cial well-being is essential to our nation’s overall eco- nomic vitality and soundness. With this in mind, the Key Findings Federal Reserve System’s community development function engages in activities that promote the eco- Bank Branch Trends nomic and financial health of consumers and com- • While nearly half of counties either gained bank munities across America, with a particular focus on branches or retained the same number of bank the well-being of low- and moderate-income and branches between 2012 and 2017, the majority lost other historically underserved households and com- bank branches over this period. Indeed, some rural munities, including rural areas. counties have experienced considerable recent declines in bank branches. In recent years, consumer and community groups have raised concerns about the effects that bank • These deeply affected rural counties tend to be branch closures and financial industry consolidation poorer, composed of residents with fewer years of are having on access to financial services in low- education, and have a greater proportion of Afri- income and other underserved communities.1 Com- can American residents relative to other rural munity groups have also raised concerns about the counties. potential for industry consolidation to blunt the • Between 2012 and 2017, there was also a substan- effectiveness of the Community Reinvestment Act tial increase in the number of communities that (CRA), which encourages banks to help meet the contained no bank headquarters, the majority of credit needs of the communities they serve. which were rural. This report contributes to the public’s understanding Use of Bank Branches by Consumers and of trends in the banking industry in three ways. Small Businesses First, it analyzes which communities across the coun- try have been deeply affected by bank branch clo- • A growing share of consumers with bank accounts sures.2 Second, it summarizes data and research on are adopting online and mobile banking, primarily how and to what extent different groups of consum- for more simple functions such as checking bal- ances. However, branches continue to be an impor- 1 This report uses the term financial services to refer to the full tant banking channel for consumers, especially for complement of financial products and services typically used by deposit and withdrawal transactions and for consumer and small business clients. For consumers, these include checking and savings accounts, credit cards, mortgages, resolving problems. consumer loans, auto loans, and cash deposits and withdrawals, among others. For small businesses, these include commercial 3 The authors compiled the listening session takeaways contained real estate loans, equipment loans, auto loans, merchant card in the report from the notes of the Federal Reserve Board and processing, cash management (Treasury) services, commercial Federal Reserve Bank staff who conducted the listening ses- credit cards, direct payroll deposit services, and working capital sions. Consequently, the takeaways are reflective of the percep- and other lines of credit, among others. tions of the individuals who participated in the listening ses- 2 This report defines “deeply affected” as a county that had 10 or sions, and do not necessarily reflect the views of the Board of fewer branches in 2012 and lost at least 50 percent of those Governors of the Federal Reserve System or any individual branches by 2017. Federal Reserve Bank. 2 Perspectives from Main Street: Bank Branch Access in Rural Communities • The shift to digital channels is occurring more Takeaways from Listening Sessions gradually for certain consumer groups. This is par- • ticularly true for those who are older, have lower Consumers and small business owners in commu- incomes or fewer years of formal education, or nities experiencing considerable bank branch clo- who live in rural areas. sures report that they are finding local or techno- logical substitutes for many, but not all, of the ser- • The majority of small businesses prefer to utilize vices they used to access at the bank branch that local banks to access financial services and may closed. garner tangible benefits from doing so in terms of credit availability and the terms of that credit. • But, banking clients in affected communities gen- erally report increased costs and reduced conve- • While small businesses have increasingly chosen to nience in accessing financial services. These chal- access credit through online lenders, they generally lenges appear to be exacerbated for certain groups, report lower levels of satisfaction with online lend- such as those with lower incomes or less reliable ers than is reported by those who used banks, and access to transportation, older individuals, and they express concerns about transparency regard- small business owners. ing product cost and terms. • The effect
Load more

Recommended publications
  • Federal Deposit Insurance Corporation (FDIC) Failed Financial Institution Closing Manual, 2009
    Description of document: Federal Deposit Insurance Corporation (FDIC) Failed Financial Institution Closing Manual, 2009 Requested date: 22-July-2012 Released date: 08-August-2012 Posted date: 14-April-2014 Source of document: FDIC Legal Division FOIA/PA Group 550 17th Street, NW Washington, D.C. 20429 Fax: 703-562-2797 FDIC's Electronic Request Form The governmentattic.org web site (“the site”) is noncommercial and free to the public. The site and materials made available on the site, such as this file, are for reference only. The governmentattic.org web site and its principals have made every effort to make this information as complete and as accurate as possible, however, there may be mistakes and omissions, both typographical and in content. The governmentattic.org web site and its principals shall have neither liability nor responsibility to any person or entity with respect to any loss or damage caused, or alleged to have been caused, directly or indirectly, by the information provided on the governmentattic.org web site or in this file. The public records published on the site were obtained from government agencies using proper legal channels. Each document is identified as to the source. Any concerns about the contents of the site should be directed to the agency originating the document in question. GovernmentAttic.org is not responsible for the contents of documents published on the website. Federal Deposit Insurance Corporation 550 17th Street, NW, Washington, DC 20429-9990 Legal Division August 8, 2012 FDIC FOIA Log Nos. 12-0715 and 12-0718 This letter will partially respond to your electronic message (e-mails) of July 22, 2012, in which you requested, pursuant to the Freedom of Information Act, 5 U.S.C.
    [Show full text]
  • DTC Participant Alphabetical Listing June 2019.Xlsx
    DTC PARTICPANT REPORT (Alphabetical Sort ) Month Ending - June 30, 2019 PARTICIPANT ACCOUNT NAME NUMBER ABN AMRO CLEARING CHICAGO LLC 0695 ABN AMRO SECURITIES (USA) LLC 0349 ABN AMRO SECURITIES (USA) LLC/A/C#2 7571 ABN AMRO SECURITIES (USA) LLC/REPO 7590 ABN AMRO SECURITIES (USA) LLC/ABN AMRO BANK NV REPO 7591 ALPINE SECURITIES CORPORATION 8072 AMALGAMATED BANK 2352 AMALGAMATED BANK OF CHICAGO 2567 AMHERST PIERPONT SECURITIES LLC 0413 AMERICAN ENTERPRISE INVESTMENT SERVICES INC. 0756 AMERICAN ENTERPRISE INVESTMENT SERVICES INC./CONDUIT 7260 APEX CLEARING CORPORATION 0158 APEX CLEARING CORPORATION/APEX CLEARING STOCK LOAN 8308 ARCHIPELAGO SECURITIES, L.L.C. 0436 ARCOLA SECURITIES, INC. 0166 ASCENSUS TRUST COMPANY 2563 ASSOCIATED BANK, N.A. 2257 ASSOCIATED BANK, N.A./ASSOCIATED TRUST COMPANY/IPA 1620 B. RILEY FBR, INC 9186 BANCA IMI SECURITIES CORP. 0136 BANK OF AMERICA, NATIONAL ASSOCIATION 2236 BANK OF AMERICA, NA/GWIM TRUST OPERATIONS 0955 BANK OF AMERICA/LASALLE BANK NA/IPA, DTC #1581 1581 BANK OF AMERICA NA/CLIENT ASSETS 2251 BANK OF CHINA, NEW YORK BRANCH 2555 BANK OF CHINA NEW YORK BRANCH/CLIENT CUSTODY 2656 BANK OF MONTREAL, CHICAGO BRANCH 2309 BANKERS' BANK 2557 BARCLAYS BANK PLC NEW YORK BRANCH 7263 BARCLAYS BANK PLC NEW YORK BRANCH/BARCLAYS BANK PLC-LNBR 8455 BARCLAYS CAPITAL INC. 5101 BARCLAYS CAPITAL INC./LE 0229 BB&T SECURITIES, LLC 0702 BBVA SECURITIES INC. 2786 BETHESDA SECURITIES, LLC 8860 # DTCC Confidential (Yellow) DTC PARTICPANT REPORT (Alphabetical Sort ) Month Ending - June 30, 2019 PARTICIPANT ACCOUNT NAME NUMBER BGC FINANCIAL, L.P. 0537 BGC FINANCIAL L.P./BGC BROKERS L.P. 5271 BLOOMBERG TRADEBOOK LLC 7001 BMO CAPITAL MARKETS CORP.
    [Show full text]
  • Welcome to Las Vegas!
    Welcome to Las Vegas! Glorify the Lord By Your Life Italian Catholic Federation’s 85th Annual National Convention Las Vegas, Nevada September 3, 2015 -September 7, 2015 Pope Saint John XXIII Award Winner development the late sister Sylvia who at the time of her death a year before Mother Bradley James Teresa was being considered Mother Te- to a movie with a priest friend from New resa’s successor. Bradley James was born in Wisconsin York he met with the Nobel laureate Mother during the Second Vatican Council. At 6 Teresa. She invited him to join a small group “He proved to be a fine director [of the 11am years of age he began his education with the of people to open a house in Los Angeles mass choir], singer, and accompanist, but, School Sisters of Notre Dame. His parents for her sisters, the Missionaries of Charity beyond that, we were all enthralled with the recognized his early musical abilities and Soon after that meeting in 1987 he met the stories he would tell about his experiences at 12, they arranged for him to begin music woman who would become Mother’s suc- with Mother Teresa and the Missionaries instructions with Constance Koehne, Wag- cessor, Sister Nirmala Joshi. of Charity,” said John Guerin, president ner’s granddaughter. At 17 he auditioned of Branch 217. “Although he was only our At the first meeting in the Los Angeles director for a short time, we all felt that and won a scholarship from Robert Joffery airport Sister Nirmala asked Bradley to to study with the Joffrey ballet in New York hearing these stories had brought us closer write music to Mother Teresa’s words and to God.” City, which began his career as a singer prayers.
    [Show full text]
  • XI. Community Reinvestment Act —Intermediate Small Bank
    XI. Community Reinvestment Act — Intermediate Small Bank Intermediate Small Bank1 3. An analysis of the institution’s capacity to meet the community development needs of the assessment area(s), On July 19, 2005, the FDIC, FRB, and OCC jointly approved including the use of quantitative performance measures amendments to the CRA regulations which took effect on such as: September 1, 2005. Among the revisions to the regulations, a. The ratio of community development loans to net loans, “intermediate small banks” are defined under §345.12 (u) b. The ratio of community development investments to These banks are evaluated under two tests: the small bank total investments or total assets, and lending test and a community development test. c. Any other performance ratios which support the Intermediate small institutions are not required to collect and analysis. report CRA loan data for small business, small farm, and community development loans. Nevertheless, the CRA Intermediate Small Institution Examination regulations continue to allow small institutions, including Procedures2 intermediate small institutions, to opt for an evaluation under Examination Scope the (large bank) lending, investment, and service tests, For institutions (interstate and intrastate) with more than one provided the data is collected and reported. assessment area, identify assessment areas for a full scope To evaluate the distribution of loans under intermediate small review. A full scope review is accomplished when examiners bank procedures, examiners should review loan files, bank complete all of the procedures for an assessment area. For reports, or any other information or analyses a bank may interstate institutions, a minimum of one assessment area from provide.
    [Show full text]
  • Lab Activity and Assignment #2
    Lab Activity and Assignment #2 1 Introduction You just got an internship at Netfliz, a streaming video company. Great! Your first assignment is to create an application that helps the users to get facts about their streaming videos. The company works with TV Series and also Movies. Your app shall display simple dialog boxes and help the user to make the choice of what to see. An example of such navigation is shown below: Path #1: Customer wants to see facts about a movie: >> >> Path #2: Customer wants to see facts about a TV Series: >> >> >> >> Your app shall read the facts about a Movie or a TV Show from text files (in some other course you will learn how to retrieve this information from a database). They are provided at the end of this document. As part of your lab, you should be creating all the classes up to Section 3 (inclusive). As part of your lab you should be creating the main Netfliz App and making sure that your code does as shown in the figures above. The Assignment is due on March 8th. By doing this activity, you should be practicing the concept and application of the following Java OOP concepts Class Fields Class Methods Getter methods Setter methods encapsulation Lists String class Split methods Reading text Files Scanner class toString method Override superclass methods Scanner Class JOptionPane Super-class sub-class Inheritance polymorphism Class Object Class Private methods Public methods FOR loops WHILE Loops Aggregation Constructors Extending Super StringBuilder Variables IF statements User Input And much more..
    [Show full text]
  • Impact of Automated Teller Machine on Customer Satisfaction
    Impact Of Automated Teller Machine On Customer Satisfaction Shabbiest Dickey antiquing his garden nickelising yieldingly. Diesel-hydraulic Gustave trokes indigently, he publicizes his Joleen very sensuously. Neglected Ambrose equipoising: he unfeudalized his legionnaire capriciously and justly. For the recent years it is concluded that most customers who requested for a cheque book and most of the time bank managers told them to use the facility of ATM card. However, ATM fees have achievable to discourage utilization of ATMs among customers who identify such fees charged per transaction as widespread over a period of commonplace ATM usage. ATM Services: Dilijones et. All these potential correlation matrix analysis aids in every nigerian banks likewise opened their impacts on information can download to mitigate this problem in. The research study shows the city of customer satisfaction. If meaningful goals, satisfaction impact of on automated customer loyalty redemption, the higher than only? The impact on a positive and customer expectations for further stated that attracted to identify and on impact automated teller machine fell significantly contributes to. ATM service quality that positively and significantly contributes toward customer satisfaction. The form was guided the globe have influences on impact automated customer of satisfaction is under the consumers, dissonance theory explains how can enhance bank account automatically closed. These are cheque drawn by the drawer would not yet presented for radio by the bearer. In other words, ATM cards cannot be used at merchants that time accept credit cards. What surprise the challenges faced in flight use of ATM in Stanbic bank Mbarara branch? Myanmar is largely a cashbased economy.
    [Show full text]
  • Community Reinvestment Act)
    BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DATE: September 14, 2020 TO: Board of Governors FROM: Governor Brainard SUBJECT: Advance Notice of Proposed Rulemaking - Regulation BB (Community Reinvestment Act) ACTION REQUESTED: Approval by the Board of the draft advance notice of proposed rulemaking (ANPR) seeking comment on an approach to modernize the Community Reinvestment Act (CRA) regulatory and supervisory framework by strengthening, clarifying, and tailoring the Board’s Regulation BB to more effectively meet the core purpose of the CRA. The ANPR builds on ideas advanced by external stakeholders and the three federal banking agencies responsible for implementing and administering the CRA. By putting forward a proposal reflective of extensive stakeholder feedback and providing a long period for comment, the goal is to build a foundation for the banking agencies ultimately to converge on a consistent approach that has broad support among stakeholders. SUMMARY: The CRA is a seminal piece of legislation that remains as important as ever in today’s circumstances. In consideration of the important changes in the 15 years since the Board’s CRA regulation was last substantially revised and the 25 years since the most significant revisions, the ANPR requests feedback on proposals to modernize the CRA regulatory and supervisory framework. The CRA was enacted to address systemic inequities in access to credit as part of a reinforcing set of laws to expand financial inclusion and combat redlining. The proposed revisions are intended to more effectively meet the needs of low- and moderate-income (LMI) communities and address inequities in access to credit. In considering how the CRA’s purpose and history relate to the nation’s current challenges, the ANPR seeks feedback on what modifications would strengthen the CRA regulation in addressing ongoing systemic inequity in credit access for minority individuals and communities.
    [Show full text]
  • 920686299-MIT.Pdf
    Essays on Banking and Local Credit Markets by Hoai-Luu Q. Nguyen S.B. Economics, Minor in Mathematics, Massachusetts Institute of Technology (2007) Submitted to the Department of Economics in partial fulfillment of the requirements for the degree of MASSACHUSETTS INSTITUTE Doctor of Philosophy OF TECHNOLOLGY at the JUN 09 2015 MASSACHUSETTS INSTITUTE OF TECHNOLOGY LIBRARIES· June 2015 © 2015 Hoai-Luu Q. Nguyen. All rights reserved. The author hereby grants to MIT permission to reproduce and distribute publicly paper and electronic copies of this thesis document in whole or in part. Signature redacted Author .......... y Department of Economics May 15, 2015 Signature redacted Certified by .......................................... Michael Greenstone Milton Friedman Professor of Economics, University of Chicago Signature redacted Thesis Supervisor Certified by ....... Robert M. Townsend Elizabeth & James Killian Professor of Economics Thesis Supervisor Signature------- - redacted Accepted by .. /~ Ricardo J. Caballero Ford International Professor of Economics Chairman, Departmental Committee on Graduate Studies Essays on Banking and Local Credit Markets by Hoai-Luu Q. Nguyen Submitted to the Department of Economics on May 15, 2015, in partial fulfillment of the requirements for the degree of Doctor of Philosophy Abstract This thesis consists of three chapters on banking and local credit markets. The first chapter studies the relationship between bank-specific capital and credit access in a new setting: bank branch closings in markets where the branch network is dense. Existing regulation in the U.S. is targeted toward areas with few branches where closings inhibit physical access to the branch network. I show that, even in crowded markets, closings can have large effects on local credit supply.
    [Show full text]
  • Richards Stepping Down As County Treasurer
    Established 1865 VOL. 32, NO. 38 75 CENTS HOMEDALE, OWYHEE COUNTY, IDAHO WEDNESDAY, SEPTEMBER 20, 2017 Richards stepping down as county treasurer Reynolds Creek rancher plans to focus on land issues, family With the 12th anniversary of her appointment has recommended her chief deputy, Annette and the capable staff is in place to assure it approaching, Owyhee County Treasurer Dygert, as her successor. On Oct. 3, the continues,” Richards wrote in her resignation Brenda Richards tendered her resignation county’s Republican Central Committee will letter, a copy of which The Owyhee Avalanche Monday. choose a nominee to forward to the Board of obtained. “This isn’t a decision I made lightly,” the County Commissioners for appointment. Richards said she wants to spend more time Reynolds Creek rancher and public lands “This was not an easy decision to make, with her two grandchildren and her mother grazing champion said. but I am confi dent that as I reach my 12-year Brenda Richards Richards plans to step down on Oct. 20. She anniversary … that the offi ce is in a great place, –– See Richards, page 6 Clearing the way Hurricane teaches Marsing graduate in Texas life lesson Tara Bush’s co-worker inspires school district relief fundraiser A fundraiser happening this of Texas, week in the Marsing School Harvey District to help victims of didn’t dam- Hurricane Harvey has roots age Bush’s and reason nearly 1,900 miles home. away. “But after Tara Bush, a Marsing High the storm School Class of 2000 graduate, there was al- lives and works in Houston.
    [Show full text]
  • Atms Play a Key Role in Branch Transformation ATM Marketplace White Paper Sponsored by Elan Financial Services
    WHITE PAPER SPONSORED BY: ATMs play a key role in branch transformation ATM Marketplace white paper sponsored by Elan Financial Services By Robin Arnfield | Contributing writer, ATMs will play a key role in facilitating financial institutions’ branch trans- ATMmarketplace.com formation and omnichannel banking initiatives. By providing services such as check cashing, envelope-free deposits, and live video links to remote representatives, the new generation of ATMs can drive customers from traditional teller lines to the self-service channel and free bankers to spend more time building relationships and advising customers. “The branch isn’t going to go away any time soon,” said Suzanne Galvin, senior vice president of product management at Elan Financial Services, an ATM services provider based in Pittsburgh, Pennsylvania. “But the tradi- tional branch design is no longer viable due to declining teller transactions, given that banks are experiencing a challenging low interest-rate environ- ment and the effect of recent regulations such as Dodd-Frank.” “The economics of traditional branch banking don’t work, due to the growth of mobile and online banking, rapidly diminishing volumes of teller transac- tions in branches, and growth in labor costs,” said Andy Orent, president and CEO of ATM vendor Nautilus Hyosung America. “One approach banks have adopted is simply to close branches, but banks tell us that 60 to 70 percent of their sales still occur in the branch. If you close branches, then “The branch isn’t how do you sell to customers? The answer to the branch cost issue is to migrate transactions from the teller line to the self-service channel using going to go away any assisted self-service interactive teller units.
    [Show full text]
  • Bank of America Corporation Resolution Plan
    Bank of America Corporation Resolution Plan Public Executive Summary July 1, 2015 1 Where you can find more information: Bank of America Corporation (the “Company”) files annual, quarterly, and special reports, proxy statements, and other information with the Securities and Exchange Commission (“SEC”), including reports that are filed under Sections 13(a), 13(c), 14, and 15(d) of the Securities Exchange Act of 1934. Any document that is filed with the SEC at the Public Reference Room of the SEC at 100 F Street, N.E., Room 1580, Washington, D.C. 20549 may be read and copied. The filings may be inspected over the Internet at the SEC’s website, www.sec.gov. The reports and other information filed by the Company with the SEC also are available at its website, www.bankofamerica.com. Except as specifically incorporated by reference into this document, information contained in those filings is not part of this document. Certain information in this document has been extracted from the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Form 10-K”) and the Quarterly Report for the period ended March 31, 2015 (the “First Quarter Form 10-Q”) filed with the SEC. Information contained in reports and other filings the Company makes or has made with the SEC subsequent to the date of the 2014 Form 10-K and First Quarter Form 10-Q may modify or update and supersede the information contained in the 2014 Form 10-K, the First Quarter Form 10-Q and provided in this document.
    [Show full text]
  • Sample Customer Notice of Branch Closing
    130 South Main Street PO Box 988 Fond du Lac, WI 54936-0988 Phone 920.921.7700 www.nebat.com May 30, 2018 «Customer_Name» «Address» «PO_Box» «City_State_and_Zip» Customer Notice of Branch Closing Thank you for your continued confidence in National Exchange Bank & Trust and allowing us to serve your financial needs as an independent, community bank based in Wisconsin. As a valued customer who has a relationship with our Cambria Office, we want to let you know of an upcoming change. After careful thought and analysis, on September 28, 2018, at the close of our normal business day (4:00 p.m. CST), the National Exchange Bank & Trust Office located at 118 West Edgewater Street, Cambria, Wisc., will be closing permanently. All of the services you currently use at this location may be accessed at any National Exchange Bank & Trust location throughout Southeastern Wisconsin. Please visit the Locations page of nebat.com or any office for a complete listing of locations and ATMs. No action is necessary by you to transfer your accounts to another location. Customers with a safe deposit box at this location will be contacted via a separate communication. Neighboring National Exchange Bank & Trust locations are ready to serve you and include: 101 North High St. | Randolph Monday-Thursday: 7:30 a.m. – 5:00 p.m. Friday: 7:30 a.m. – 6:00 p.m. Saturday: 8:00 a.m. – 12:00 p.m. 113 Lake St. | Pardeeville Monday-Thursday: 8:00 a.m. – 5:00 p.m. Friday: 8:00 a.m. – 5:30 p.m.
    [Show full text]