Farmers Bank considering Courtland locationPublished 11:20am Thursday, October 18, 2012
NEWSOMS—Farmers Bank is considering opening an office in Courtland. A decision is expected within 60 days.
“We are still really in due diligence,” said Dick Holland, president and chief executive officer for Farmers Bank in Windsor. “Before we can make an announcement, there’s a regulatory process we have to go through.”
Holland said the bank may move into the $1.5 million building that the law firm of Stallings, Bischoff and Randall is constructing on Route 58 across from Food Lion. The law firm will occupy more than half of the space in the 10,500-square-foot structure.
Farmers Bank began considering a branch in Southampton County after BB&T earlier this year closed its branches in Courtland and Newsoms. Founded in 1919, Farmers also has an office in Smithfield and three in Suffolk.
Newsoms residents asked Farmers to considering opening something in their town, but the bank determined it was not economically feasible. The bank did, however, say it would consider elsewhere in Southampton County.
Assuming an office is opened in Courtland, it will initially be “on a small scale.”
“We would go in a small way and have minimal services,” Holland said. “Hopefully, we can expand quickly.”
It would include a loan office and full-service ATM for customers to make deposits and withdrawals. The office also would allow new customers to open accounts.
Holland likes the Route 58 location because it is heavily traveled and would allow Farmers Bank to reach the Courtland and Franklin markets.
He also commended Amanda Jarratt, president and chief executive officer with Franklin Southampton Economic Development, for all its help.
“They have been very, very helpful in getting us data,” he said. “I can’t say enough good things about the economic development department in Southampton.”