Small city in Livingston County dropping its solely financial institution

Small city in Livingston County dropping its solely financial institution

GREGORY, Mich. (AP) – A small Livingston County neighborhood is dropping its solely financial institution.

Eaton Community Bank officers introduced the financial institution’s Gregory department will shut July 30.

Longtime Gregory resident and financial institution buyer James Ball mentioned it’s a disgrace to see the department shut.

“It’s one of many linchpins of the city,” Ball, 67, instructed the Livingston Daily Press & Argus.

Gregory is a small integrated neighborhood in a predominantly agricultural space. It has a small downtown of some blocks with a couple of dozen companies. It is a mailing handle for about 5,200 individuals and the seat of Unadilla Township authorities, police and fireplace providers.

In the nineteenth century, Gregory developed as a railroad cease. It is now a cease on the Mike Levine Lakelands Trail State Park, a non-motorized path that follows the previous rail route.

Ball mentioned when companies shut in small cities equivalent to Gregory, locals really feel the influence.

The neighborhood additionally misplaced a restaurant when Gregory Mercantile Inn closed greater than a 12 months in the past.

“I feel closing the department is a mistake,” Ball mentioned. “There actually isn’t a lot on the town. You see it on a regular basis. First the financial institution closes, then different issues shut, and then you definitely go searching and say, ‘the place is all people?‘”

Gregory restore store proprietor Rod Munsell remembers when the financial institution was constructed within the early Seventies by his grandfather Paul Dancer and uncle John Dancer.

It was initially a department of Stockbridge State Bank/SSB Bank, which was established within the early 1900s by the household and merged with Eaton Federal in 2018.

Eaton Federal then modified its title to Eaton Community Bank.

“Where that financial institution sits now was an auto and truck restore and the noticed mill. There was a terrific, huge storage. That was a city hang around,” Munsell mentioned.

Why it’s closing

Eaton Community Bank officers say fewer individuals have been utilizing in-person banking providers earlier than lobbies have been closed as a result of pandemic.

“The banking trade has been altering at a fast tempo for years with know-how and safety developments, which has enormously lowered in-branch visitors all through the trade,” financial institution president Tim Jewell mentioned.

“Our clients have mirrored these nationwide patterns, and the present pandemic solely additional accelerated the development.”

Gregory department clients’ security deposit bins might be transferred to the Eaton Community Bank’s department in Stockbridge, a number of miles away.

Several staff will switch from Gregory to Stockbridge.

Jewell mentioned the financial institution will renovate its Stockbridge department later this 12 months.

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