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Jonesville bank to close

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By Camille McClanahan

The Grant County Deposit Bank Jonesville branch is set to close January 2012. The Jonesville community may be a casualty of the national economic and regulatory climate.

“New banking regulations that are coming down the pike, and plus we’re having to compete—we’re the only bank in Grant County that is independent, all the other banks are regional banks.” said Tom McCandless, president of Grant County Deposit Bank. “Given that—we’re having to consolidate operations somewhat in order to be competitive.”

The original Jonesville Deposit Bank incorporated in 1893. It was re-incorporated in 1940 as a branch of the Citizen’s Bank in Dry Ridge and it has been the Grant County Deposit Bank for 14 years.

McCandless said that there were no plans to close any other branch. The two Jonesville employees will not lose their jobs, but will be reassigned.

Lorrie Beighle-Richerson attends church at Macedonia Baptist Church and she said the church will miss the convenience of being able to make their deposits at the local bank.

“It will be greatly missed,” she said. “It’s an asset for the people that are local and actually the people that are from Owen County who come there to bank. It’s all kind of sad.”

In addition to tough economic times, the small community of Jonesville may be suffering some collateral damage from the Internet’s ‘information, super highway,’ with the possible closing of their post office and the certain loss of their bank.

“A certain amount of banking has gone a little more electronic,” McCandless said. “It’s unfortunate for the community because it’s a good, strong community.”