California Borough to host town hall on filling gap left by KeyBank closure
Cfsbank has invited California residents to attend a town hall event on Tuesday to discuss the future of banking in the borough.
The tight-knit Mon Valley community was plunged into uncertainty after KeyBank – the only remaining full-service bank branch in town – announced the planned Aug. 1 closure of the company’s Third Street location earlier this year.
Now, cfsbank is “exploring the possibility of establishing a full-service branch in the borough” to fill the void left by KeyBank, and is seeking community feedback on the potential move, according to a press release published Monday by cfsbank.
The event will begin at 5 p.m. on July 14 at the Hollywood Pavilion at 313 Third St. in California, which will include bank representatives who will be available to answer questions and gather feedback that will inform cfsbank’s decision.
According to California Borough Manager Richard Martin, several senior living communities and downtown residents will be left without an easily accessible local bank branch once KeyBank closes its doors in August.
Some of these seniors do not own a personal vehicle, and/or use mobility aids such as walkers and wheelchairs, which limit their ability to visit a bank located outside of town.
“Many seniors like to walk up to a teller and do their business in person,” he said, “so it’s very inconvenient for them not having a bank in town.”
Martin sent letters to several regional banks inquiring whether they would be interested in opening a location in California after he got the news about KeyBank earlier this summer.
So far, cfsbank is the only letter recipient to show real interest, he said.
“Community banks play an important role in the towns they serve,” cfsbank President and CEO John Gill said in a statement. “When we learned California was at risk of losing its only local banking office, we felt it was important to start by listening. This town hall is an opportunity for us to hear directly from residents, business owners and community leaders about what they value in a local bank and how cfsbank can help meet those needs.”
According to Martin, “we would be delighted to have any bank in town.”
Martin said that while there are several ATMS located around town, ensuring a full-service bank branch is available to residents is a priority.
According to Martin, the convenience of its residents is a top concern for California Borough, including the approximately 2,500 students that attend PennWest University-California.
KeyBank did not return a request for comment.