Pam Dudding Contributing writer
The Carter Bank and Trust recently announced they will be closing their doors in Craig County.
On December 27, 2021, a letter was sent to inform bank employees that they will be closing their Craig County location at the end of March, the 31st to be exact, according to Area Manager Lorinda Sigmon.
Wrote Chief Retail Banking Officer Tami Buttery of Martinsville:
“Dear Valued Customer,
After careful consideration, our New Castle office, located at 181 Main Street in New Castle will be closing and consolidating with our Cave Spring office, located at 3132 Electric Road, SW, Roanoke, Virginia. This closure will occur at 12 p.m. on Wednesday, March 30. Your accounts will be transferred automatically to the consolidating branch. No action by you will be necessary. Please refer to the enclosure for reference on Carter Bank & Trust locations and the digital tools we offer to help meet your banking needs, whether in person or online.”
If you currently have a safe deposit box at the New Castle office, you will receive additional information in a separate mailing.
Any person wishing to comment on this proposed branch closing may file comments with the FDIC, the bank’s primary regulator, at: Federal Deposit Insurance Corporation, 10 Tenth Street NE, Suite 800, Atlanta, GA 30309-3906.
Comments should be received at the FDIC by the proposed closing date, but remember, the FDIC has no authority to approve or prevent this closing.
Brooks Taylor, Marketing Officer, shared their reasons for Carter Bank & Trust moving out of New Castle.
“There are a number of business factors included in any decision to make a change to our branch network. The decision to consolidate is in no way a reflection on our associates or our customers in the New Castle market,” he said. “When we consider the potential to make a change such as opening, closing, or consolidating branches, the bank does a review of potential impacts to the community. This includes, but is not limited to, availability of other Carter Bank and Trust branches in the area and the availability of other full service financial services institutions in the area to effectively serve the community.”
When asked why they chose the bank in Cave Spring to consolidate Craig residents accounts, he replied, “Customers have the choice to bank with any Carter Bank & Trust branch, and there are five other branches in the Roanoke area. Cave Spring was chosen due to its proximity to the New Castle branch. This was included in an insert with the letter. They also have access to and can conduct their banking business through online and mobile banking.”
In reviewing the letter, some clients at the bank questioned this statement in the bank’s letter as it seemed like an avenue that is a waste of time for anyone to write to.
Taylor noted, “This is a requirement by the FDIC in order to ensure that feedback from the community is officially received and shared with the bank.”
The client’s letters ended with, “At Carter Bank & Trust, we appreciate your business! Our goal is to keep you informed of the changes that affect you, and to continue to provide quality customer service. If you have any questions, please feel free to call us at (833) 275-2228.”
Many community members commented on the closing, both those who bank there and those who do not.
Many expressed they are saddened by the closing and hope another bank comes in to have a choice (and competition) as well as another business to provide employment for local citizens.
Sigmon, however, reiterated that they “encourage employees in Craig to apply for any open positions at the bank. Currently, we have several openings.”
Employees are appreciative of the offer, yet agree that for some, traveling with the expense of gasoline, wear and tear on their vehicles as well as adding almost two hours traveling time, adds to potential childcare issues and other concerns.
Others have shared that they believe Craig should have two banking options and are hoping that the County works diligently in making that happen.