How Does the Takeover of Local Banks Impact Community Banking?

[jtbell]

When I moved here 25 years ago, the obvious place for my new bank account was at the local community bank which had been founded in 1886 and was one of the biggest pillars of the local economy. The college did its business there, for example.

In the 1990s, they sold out to a smallish regional bank. A few years later, that chain was bought up by a larger regional bank. Now they're becoming part of TD Bank, otherwise known as Toronto-Dominion. I wonder if we'll start getting loonies at the teller windows now?

(Of course, it's been years since I actually got cash at a teller window instead of an ATM.)

 

[Ivan Seeking]

When I moved here 25 years ago, the obvious place for my new bank account was at the local community bank which had been founded in 1886 and was one of the biggest pillars of the local economy. The college did its business there, for example.

In the 1990s, they sold out to a smallish regional bank. A few years later, that chain was bought up by a larger regional bank. Now they're becoming part of TD Bank, otherwise known as Toronto-Dominion. I wonder if we'll start getting loonies at the teller windows now?

(Of course, it's been years since I actually got cash at a teller window instead of an ATM.)

We have very much the same story and timeline for our closest community bank. I've probably only stepped inside an average of once a year, for the last decade.

 

[NeoDevin]

I've been banking with TD for years. Never had any trouble.

 

[Evo]

The bank that held my last mortgage got bought up by a larger bank.

 

[Ivan Seeking]

The bank that held my last mortgage got bought up by a larger bank.

Our original mortgage was through our local bank. The loan was sold, sold, and sold, while our bank was sold, sold and sold, and now our mortgage is with our bank again!

 

[Proton Soup]

my first bank was actually a savings and loan. i suppose you can guess how that turned out.

 

[jtbell]

The letter we received about the sale said that effective immediately, we can use our ATM cards at all TD bank locations without extra fees. Looking at their web site, they're mostly in the Northeast (DC through Maine). If we do a trip to New England next summer as currently planned, this will come in handy.

Actually, I already have another account at SunTrust which refunds ATM fees that I pay at non-SunTrust ATMs, which I put to use during my trip out West last summer. I've been using ATM cards on trips for many years now, but it still gives me a bit of a thrill to stick one into an ATM at, say, a local bank in a small dusty New Mexico desert town, and have it actually work! Or in Germany like last year. I remember when travelers' checks were the main way to pay expenses during an overseas trip.

 

[lisab]

I wonder if we'll start getting loonies at the teller windows now?

No, they'll have the same tellers and customers as they used to.

 

[loseyourname]

USAA refunds my ATM fees from any ATM regardless of who it's owned by.

Which I guess would be nice, but I don't think I've withdrawn cash in five years.

 

[Barwick]

Credit Unions have pretty much assumed the place of smaller banks I think. They don't get bought out very often as far as I know.

 

[Mororvia]

No, they'll have the same tellers and customers as they used to.

Hahaha. nice

 

[mugaliens]

After several years with two community banks, I switched to one of the Big 10 that's not only not into swallowing up any other banks, but has taken serious steps to keep from being swallowed up itself.