Newspaper article THE JOURNAL RECORD

Blanchard Bank Gets OK for Branch

Newspaper article THE JOURNAL RECORD

Blanchard Bank Gets OK for Branch

Article excerpt

The Oklahoma State Banking Board approved First Community Bank of Blanchard's application for a de novo branch in Newcastle at its regular meeting Wednesday.

Unanimous approval was given over the protests of two competing banks in Tuttle which also have branches in Newcastle.

The action will allow First Community to build on a site located on State Highway 37 referred to in the application as Tri-City, which includes Tuttle, Blanchard and Newcastle, abutting communities southwest of Oklahoma City.

Protesting banks argued there was not enough growth in the Tri-City area to sustain another branch.

First Community's application to branch in Newcastle was met by opposition from Sooner State Bank and First National Bank of Tuttle.

First Community Bank plans to build a 1,000-square-foot facility near State Hwy. 37 as a way to serve its customers with a drive-through facility. The branch will have two drive-through lanes.

The full-service branch is tentatively slated to be staffed with a senior teller, two junior tellers and will have a loan officer on call.

In its application, First Community projected total construction costs at $85,000. Other costs listed were $200,000 for the land and $3,500 for furniture and equipment.

The bank's projected building costs came under fire from officials of the protesting banks who said that it would cost much more to build in that location.

First National Bank predicted building costs to be $125,000 minimum, and equipment costs worth $35,000.

Officials at Sooner State said their experience would place costs even higher, at a minimum of $170,000.

R. Stephen Carmack, president of First Community, said the new branch could be furnished with equipment that was in storage at other branch locations, which would cut costs.

He admitted the branch location may cost more to build than originally projected, but said the bank was well capitalized and should be able to handle costs. …

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