LYNN - The town of Lynn is unlikely to have its own bank branch, Mayor Earl Gilbert reported to the Lynn City Council at its meeting, Monday, June 27, after meeting with representatives of PeoplesTrust Bank of Hamilton.
“We talked to them about opening a bank in Lynn, but they just couldn’t do it,” said Town Clerk Marcia Manasco.
Gilbert said that he had been told no bank would want to open in Lynn because there would not be enough business, especially because so much banking can now be done online, but he is not giving up. He said he would contact other people and suggested that perhaps another type of business, such as a check-cashing business, which could meet at least some of the banking needs of Lynn residents, might be willing to open a location in the town.
“You just do a little bit at a time— check into (one thing), and when that fails, you go on to the next thing you come to,” Gilbert said.
The Town of Lynn lost its last bank branch in December, when BankFirst, formerly known as Traders & Farmers Bank, closed its doors.
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