SOUTH BURLINGTON, Vt. (3/20/12)--NorthCountry FCU in South Burlington, Vt., has stepped in to provide financial services to residents of the small town of Alburgh, Vt., after People's United Bank announced it was closing its branch in the town.
The next closest financial institution to Alburgh is across the state line in Champlain, N.Y. The closest People's United Bank is on the other side of a lake and located in Swanton, Vt. (vpr.net March 15).
Banking in other towns isn't that much of an ordeal for those who commute to work. However, Alburgh has a substantial number of elderly and low-income residents who don't have access to transportation, the radio station said.
After a search by Alburgh's "Find a Bank Committee," the $350.3 million asset NorthCountry FCU offered to negotiate to buy the People's United branch.
Previously, the committee had called other banks to see if they would open a branch in the town. The committee also considered starting up a credit union or having a mobile bank visit Alburgh, the station said.