It's all changing, damnit!

Friday, April 21, 2017

It's all changing, damnit!

And like many of my fellow septuagenarians whose regular activity is often characterized as a grumpy old man standing on his porch shaking his fist and railing against kids playing on his front lawn, I don't think all change is beneficial.

For decades, the sole financial institution in Westhampton Beach was Seaside Bank, prominently located at 154 Main Street (corner of Mill Road), its "exclusivity" protected by a New York State banking law which prohibited another bank from opening a branch in a municipality as long as the sole bank in was a "stand-alone."

(i.e., no branches or not itself a branch.)

Shortly after Seaside's directors decided the interests of its stockholders would be better-served if their bank became a branch of Long Island Trust, the door, if not the flood­gate, was opened.

Within the next decade, Suffolk County National Bank, Suffolk County Federal Savings & Loan, and Union Sav­ings Bank were established within the bounds of 11978.

And it didn't stop there... at this writing, there have been at least seven banks who've set up shop here since Sea­side surrendered its exclusivity.

(Of course, not all of the "newcomers" are still oper­at­ing, and few fly their original banners.)

Now, the last of the "new kids on the block" is gone, as SCNB has been acquired by People's United Bank, an infelicitous branding suggesting that the institution is not just off-shore owned, but run by Marxist–Leninist owners: cf: People's Republic of China, Democratic People's Repub­lic of Korea, People's Republic of Angola, et al.

But just to set te record straight, PUB, with more than $40 billion in assets, is a Northeast regional bank founded in 1842, and now they're on Sunset Avenue, one of al­most 400 retail locations, the one providing parking for Hampton Synagogue's overflow.

I opened my first account with SCNB in 1972, and had good relationships with the Branch Managers, G. Howard Hatfield, "Easy Ed" Desmond, Charlie Johnson and Jayne Atkinson... especially the latter two.

But getting used to doing business with an entity which calls itself "People's United Bank" is going to take some work on my part... while resisting the need to re-register as a Bernie Sanders Socialist.

So the transition period, the "honeymoon" with the new financial institution, will be for me, a cautious one.

And you can take that to the bank!

Comments

1. Champ 19 said...

There is an upside. When you say you are going to the PUB, you won't be fibbing.

I still miss Kara's as an easy place to get my late afternoon drinking done.
Dean

2. Michael Jacobs said...

You can go to sleep one night in a Hilton and wake up the next morning in a Marriott. The rebranding complete when housekeeping puts new little soaps in the bathroom. Similarly, banks rebrand almost seamlessly. I expect that staff and management will continue, your SCNB checks accepted until the present supply runs out, etc, the only thing that's changed is the signage... and a more financially stable entity now in charge.

You're probably right... something unseemly if not b-a-d happened with SCNB several years back which caused a much greater level of security with them, and no one on the inside would even acknowledge that that was or had been a problem. I surmise that SCNB took a helluva hit for fear that the damage to their reputation would be too much to survive.

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