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 Alburgh, Vermont 

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 a gateway to Vermont from New York and Canada

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Find a Bank (FAB) Committee Minutes

The meeting began with a review of the information regarding the closing of the People’s United Bank on March 30.  Steps that have been taken thus far by the Select Board and various individuals were mentioned:

-          Michael Savage has been contacted to find information about the bank’s real estate situation

-          Working from a list of credit unions in the state, three have been contacted (Vermont Federal, Vermont State Employees and New England Federal Credit Unions) and two  (Vermont Federal, Vermont State ) have indicated that because of recently created new branches they were not seeking additional sites.  New England Federal Credit Union contact, Bill Smith is pursuing additional information and checking with his advisors to see if they might be interested.

-          Select Board has sent letters to Citizens, Merchants, People’s Trust, TD Bank, and Union Bank to determine their interest.

-          Sue Clark, State Department of Banking has been consulted

-          The Chamber has supported our mission by contacting Merchants and People’s Trust

None of the above has resulted in any concrete progress as yet.

Terry suggested that the committee needed at least a secretary and a chairperson. He nominated Irene Clarke as secretary and there was no objection.  Irene nominated Terry as Chair and there was no objection.

The following plan of action was discussed and decided upon:

-          A survey will be designed to document the community’s interest in a new bank.  The results of this survey will be communicated to prospective banks in an attempt to make the area more attractive to them.

-          The survey will be distributed via email and social media to the surrounding area ( Alburgh, North Hero, Isle la Motte & Champlain) with a request that businesses encourage their customers and groups encourage their members to complete it.

-          An article about the survey  and its importance will be placed in the islander and Front porch Forum.

-          The completed survey will be delivered to Terry Tatro on or before Jan.24 so that the results can be tallied prior to the next meeting.

-          The list of credit unions will be followed to contact additional CEO’s and discuss the financial opportunity of opening a branch in Alburgh with them.

-          Phone call follow up will be done on the letters sent by the Select Board to banks to discuss their interest in the project.

-          Sue Clarke from the State and the Association of Vermont Credit Unions will be contacted to ascertain whether any additional assistance or information is available.

 A second meeting of the committee was planned for Thursday Jan. 26 at 7 PM in the town office. The meeting adjourned at 8PM.

Respectfully submitted,

Irene Clarke