<p>Santander Bank will close two of its four branches on Martha’s Vineyard before the end of the year, including the historic stone bank in Vineyard Haven.
Santander Bank will close two of its four branches on Martha’s Vineyard before the end of the year, including the historic stone bank on Main street Vineyard Haven, a spokesman has confirmed.
The branch in downtown Edgartown will close Nov. 17 and the stone bank in Vineyard Haven will close by Dec. 1, bank spokesman Ann E. Davis told the Gazette in an email Tuesday. Bank customers were notified of the branch closings in a letter last week.
In a statement, the bank described the closures as a consolidation. All employees will be retained at the two remaining bank branches, one on upper Main street Edgartown and another in Oak Bluffs. Santander closed its Chilmark branch in May 2015.
“We routinely review our branch network to make sure we are optimizing our resources and this consolidation makes good sense for both our customers and our business,” the statement said in part.
The bank is currently involved in a superior court dispute with the Martha’s Vineyard Commission over the roof at the stone bank, a historic building. The red tile roof was replaced with asphalt shingles late last year before town officials realized the project required review by the MVC as a development of regional impact (DRI). Following public hearings this spring, the commission voted to require the bank to replace the asphalt shingles with historically correct red tiles.
The bank is appealing the decision in court, Ms. Davis confirmed this week. “Because this matter is currently in the courts, we are not able to comment further,” she said in the email.
Information was not immediately available about the number of customers Santander serves on Martha’s Vineyard.
Headquartered in Boston, Santander is a wholly owned subsidiary of Banco Santander, an international banking company. Its operation in the Northeast has $54.7 billion in deposits and employs 9,800 people, according to its website.
On the Vineyard it competes with the Martha’s Vineyard Savings Bank, Rockland Trust, which recently acquired the Edgartown National Bank, and Cape Cod Five Cents, which now operates a full service branch on the Island.
Ms. Davis said Santander has consolidated other branches in the commonwealth, including in Lowell and Hanover.
Comments
Why would anyone bank here
Richard ChilmarkWhy would anyone bank here when there are other great locally managed options? You can't blame them for wanting to install a cheaper roof, and for consolidating their branches, it's a giant corporation that has no ties to the community, but any local who uses them is condoning this.
Why would Santander bank
William and Deborah Little Vineyard havenWhy would Santander bank close it's VH branch? It sits in VH center which is the only year round port. We deserve better and we will move our accounts to another bank, Shame on you.
It is my hope that the VH
Andy T. VHIt is my hope that the VH Bank is some how kept open for public view. Even if it is no longer a functioning bank. In my opinion, that bank is one of the most beautiful buildings, in both design and engineering, on island. It is as unique as the Shenandoah
Suing a local permitting
Paul Adler West tisburySuing a local permitting authority is a kiss of death for any bank All banks must fit into their communities if they want to survive, even if the MVC lacked jurisdiction I may close my account there
It's so elegant-looking from
Margot Lane ChilmarkIt's so elegant-looking from the outside. If it does close, it deserves to be something more intriguing.
Maybe the Cape Cod 5 will buy
Down IslanderMaybe the Cape Cod 5 will buy it.
Avoid creating an eyesore outside of town.
That setup is temporary anyway.
Wouldn't be the first time
Outside looking in CT.Wouldn't be the first time the MVC chased a business away. I get the whole "character of the island" thing but stepping in after the job was approved and done and demanding changes seems harsh. If the building officials don't know what needs approval then maybe that's what needs to be addressed. As long as they continue to Monday Morning QB projects and strong arm business's and developers you will continue to see plans fall through.
The town should check if the
Ken EdgartownThe town should check if the mvc drops its suit would the bank stay. Its in the busiest place on the island. Doesnt make sense. I think we all said here the job was approved by the town, so any expensive legal action might scare the bank away. Banking just isnt profitable these days at 3 or 4 percent mortgages.
The town should be prepared
Fred4peace VHThe town should be prepared with minimum building maintenance requirements in case Santander chooses not to sell. Residents and businesses that use that location should move their accounts to Martha's Vineyard Savings Bank located on State St. Perhaps MVSB will take over that location??
While an iconic presence in
Mr. B ChilmarkWhile an iconic presence in VH, I wonder if the location isn't really a bit out of date for an MV bank nowadays: for drive-through you have to get through five corners, then get all the way into the SSA area, turn up another street, cut back through and after doing your business make the choice to go up to Main Street and out or back through five corners. Also, they have very little parking that they can call their own if you want to do a walk-up. Building makes for a nice photo, but I wonder how much business is really transacted there--or at any other of their branches on the island. The presence now of CC5 and Rockland may make Santander drift off completely.
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