TD Bank closing Chester branch in December

By Cynthia Prairie
2018 Telegraph Publishing LLC

Across the area on Friday, customers of TD Bank in Chester opened their mail to learn that Friday, Dec. 7 would be the last day that branch, at 48 Main St., would be open.

The loss leaves those who wish to save locally with two choices: People’s Bank at 58 S. Main St. and One Credit Union at 569 VT-103.

“Dear Valued Customer,” the TD Bank letter starts out, “It’s not goodbye forever … We’re moving in with our TD Bank neighbors close by.”

TD Bank, whose motto is “America’s Most Convenient Bank,” did offer customers help in finding new branches, listing three “nearby locations:”

• Bellows Falls (which is 13.2 miles from the front door of the Chester branch to the door of the Bellow Falls branch, a 20-minute drive),
• Manchester Center (29.5 miles door-to-door, a 40-minute drive) and
• Brattleboro (37.3 miles door- to-door, also a 40-minute drive).

Lisa Sawicki, vice president of corporate communications for TD Bank, said in an interview Friday afternoon that the Chester store (TD Bank refers to branches as ‘stores’) “is not getting enough customers. The traffic just is not has high as other locations.”

While no other Vermont stores are closing, two in New Hampshire — in Henniker and Nashua — will also be closing on Dec. 7.

Sawicki said she expects most Chester TD Bank customers will transfer to the Bellows Falls store, despite the distance. “Unfortunately, the distances are a little farther. But we think they will be pleased with the Bellows Falls store. We don’t envision a drop-off in business.”

She added that all employees will be offered new assignments. “We do place all of our employees; our goal is all. But usually it ends up at more than 90 percent. Some people don’t want to move. But our Chester customers will see familiar faces at the other stores.”

As for the building, Sawicki said she’s “not sure what will happen. We won’t make a decision until the store closes. So we won’t even think about the building until then.” As for covenants attached to future uses of the building that would prevent it from housing another bank, Sawicki said, “Our legal and real estate teams will make those decisions.”

Will the bank lose customers?

Sharon Baker, owner of the clothing store Sharon’s on the Common off the Green in Chester, says she’ll “stick with TD. … I’ve done business with them for 15 years.” She added that she has no reason to switch. “I can deposit checks on a mobile app through my phone and I pretty much do all my banking on line.”  The only concern, she says, will be getting change for the shop.

On the other hand, Pat Budnick, owner of Motel in the Meadow on Route 11 West in Chester, said, “Absolutely not. I’m not going to Bellows Falls to deposit money and take out money. I don’t have time for that crap. It’s at least a 15-minute ride over and 15-minute ride back and add the time that it takes to do business.”

Attorney Bill Dakin, whose Dakin & Benelli law offices are next door to TD Bank, said his firm would be moving “the (accounts) in our control to People’s. Most are already there. But there are a few estates, office and trust accounts.” He added that “People’s is convenient and it’s local.”

The closing, he continued, “is a huge loss. It leaves an empty space.” Dakin, who is also president of the Chester Rotary, said that as for that TD Bank account, “Our board will have to review.”