LIMESTONE — Limestone is one of three Aroostook County towns pegged to lose their Katahdin Trust bank branch in early 2017, at which point they may decide to put the building in the town’s hands.
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| Aroostook Republican photo/Christopher Bouchard
The Limestone Katahdin Trust is one of three Aroostook County branches of the bank scheduled to close on Jan. 31, 2017. According to Limestone Town Manager Fred Ventresco, the town’s main focus is finding another bank or financial institution to take its place before their scheduled departure. |
According to Town Manager Fred Ventresco, Katahdin Trust Company will decide the fate of the building on Jan 31, 2017, when they officially close.
“We’re trying to work with them so they make up their mind sooner,” said Ventresco, “but they do own the building.”
Ventresco says the town is “certainly interested” in what bank leaders will decide to do with the building, and stressed the importance of bringing another financial institution to the town.
“What’s important to us is getting a new bank in town, whether it’s in that building or another one,” Ventresco said. “Of course the Katahdin building is perfect because it’s made for a bank, but our main focus is getting interest from other banks and financial institutions. Hopefully we can get someone interested in coming to town.”
Katahdin Trust Company had announced last month it would close branch offices located in Easton, Limestone and Washburn and modify days of operation in Island Falls and Oakfield.
“We understand the impact this will have on our employees and customers. It was a very difficult decision and one we did not take lightly,” said Jon J. Prescott, president and CEO of Katahdin Trust. “The way customers do their banking has changed as more turn to the use of online and mobile banking tools for their daily banking needs. Although the bank remains financially strong, we are seeing a decrease in the traditional face-to-face transactions inside the branch.”
Employees will be able to apply for open positions within the bank. Customers will not experience any changes to their accounts and can visit any Katahdin Trust branch for in-person transactions
Aside from the fact that Limestone is in talks with the bank regarding ownership of the building, Ventresco says there are no other significant developments as of Nov. 7.
“Right now we are focused on finding another bank for Limestone,” Ventresco said. “It doesn’t have to be in the old Katahdin building, but that would be a prime spot.”
