December 27, 2013

Royal Center bank looking at Walton branch

Town has been without walk-in bank branch since September.

by Sarah Einselen Pharos-Tribune

---- — WALTON — A Royal Center bank is looking at opening a branch in Walton.

Community State Bank out of Royal Center has begun the regulatory approvals process to open a branch in the town of just over 1,000 residents, according to Community State Bank President Joseph Carlson.

The town hasn’t had a bank with a lobby since Salin Bank closed its offices there in September. Salin still operates an ATM at its former location, which is now occupied by Southeastern School Corp.

“We’re really looking forward to being in the Walton community,” Carlson said. “It’s the kind of business that Community State Bank does and the kind of people that Community State Bank loves to work with.”

And the town returns the sentiment.

“I don’t know about anybody else,” said Walton Clerk-Treasurer Kim Craig, “but we’re real happy here at the town hall. We won’t have to drive to Galveston or Logansport.”

Community State Bank opened in 1930 in Royal Center. Its Twelve Mile office opened in 1996 and a branch in Kewanna opened in 2004.

The bank is looking at some undeveloped land at 504 N. Main St. However, it’s likely to be another six weeks before the regulatory process is finished.

Under federal law, the bank had to file for approvals through the Federal Deposit Insurance Corp., the Indiana Department of Financial Institutions and the Historic Preservation and Archaeology office of the Indiana Department of Natural Resources, according to Carlson.

The bank filed the paperwork starting Nov. 1. The historic preservation portion of the approvals process ensures the bank isn’t intruding on a registered historic site, Carlson explained, and is the part that is prolonging the approvals process.