Keeping a Bank in Six Mile

Six Mile officials are looking at options to keep a bank in the town.

First Citizens Bank officials recently told town officials that the town's branch would close this year, according to Mayor Roy Stoddard.

“Their last bit of business will be at the end of April,” Stoddard said during council's February meeting.

“It's very upsetting to me, but that's the way the business world crumbles.”

Councilman James Atkinsons said Six Mile has had a bank in town since 1919.

“The loss of a bank, to me, is tough,” he said. “It's tough on our elderly folks, it's tough on the businesses and churches that make their deposits. Nowadays, there's remote deposit capture, so businesses or the town can take care of checks, but there's no way to take care of cash other than running to Central or whatever.”

He began thinking about the Community Reinvestment Act.

“It refers to banks serving the deposit and loan needs of their community,” Atkinson said. “I know banks are always trying to get CRA credits.”

Atkinson hopes bank officials will consider donating the bank building to the town – an act that would benefit not only the town, but First Citizens itself.

“There may be a way for them to get CRA credit here,” Atkinson said.

The donation of the location would “help the town … for us to be able to attract another bank.”

“I understand their reasoning for leaving,” Atkinson said. “They did all the things they were supposed to do. Banks have a bank closing policy, and there's certain things they're supposed to do, like meet with political leaders and so forth. They went through that.”

Once First Citizens closes, Six Mile will be considered an “unserved community,” Atkinson said.

“If we're an unserved community, maybe there's an opportunity for CRA credit for another bank to come in here,” he said.

He spoke to someone at the Federal Deposit Insurance Corporation

“She said, 'We agree with you in terms of the bank coming in, they can get CRA credit because you won't be a served community, you won't have a bank for 10 miles,” Atkinson said. “She said, 'I see your point, there's a good chance.'”

“To me, on the one hand, you've definitely got CRA credit for the bank that would come in, on the other hand, the bank leaving maybe has a good chance chance at getting it,” Atkinson continued.

The CRA credits might make the town more attractive to banks that otherwise might not consider opening in Six Mile.

“From an economic standpoint, most banks wouldn't come in to a town of 675 people with 350 homes,” he said. “But it might be a situation where we can get and retain a bank here.”

Town residents have been signing a petition stating they'd like the First Citizens branch to remain in town, Stoddard said.

Stoddard sent a letter to First Citizens officials in Columbia, asking them to donating the building to the town.

“At least the ball has started rolling, and we'll see what happens,” Stoddard said.

Stoddard asked about the possibility of a credit union coming to town.

Atkinson said he believed credit unions could receive CRA credits as well.

“And it would serve most of the same needs to,” he said. “Ideally, a bank that's within this general proximity, where this office would not be a long distance away from their office,might be willing to make a commitment to come here.”