Wayne Bank to close Narrowsburg branch

By LINDA DROLLINGER
Posted 11/4/20

HONESDALE, PA — An undated notice mailed two weeks ago to depositors of Wayne Bank’s Narrowsburg branch announced the closure of the branch at 93 Main St. in Narrowsburg on or about …

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Wayne Bank to close Narrowsburg branch

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HONESDALE, PA — An undated notice mailed two weeks ago to depositors of Wayne Bank’s Narrowsburg branch announced the closure of the branch at 93 Main St. in Narrowsburg on or about January 12, 2021. Depositors were assured that, after the closure, they would be able to continue to access their accounts and conduct transactions at any of Wayne Bank’s remaining 30 community offices and 31 ATMs in Northeast Pennsylvania and Sullivan, Delaware, Otsego, Ontario and Yates counties in New York, including the ATM at the Narrowsburg branch—at least until April 2021.

Per the notice, the three branches closest to the Narrowsburg branch are located at 245 Willow Ave. in Honesdale, 717 Main St. in Honesdale, and 3 River Rd. in Callicoon. All of those branches are within 15 miles of the Narrowsburg branch. Customers may also continue to bank online at www.waynebank.com.

Speaking by phone on October 28, Wayne Bank Senior Vice President Joseph Castrogiovanni said the closure decision was made based on multiple data studies that show Wayne Bank customers increasingly doing their banking business on virtual platforms. “We’ve seen a large spike in electronic capacities, especially since the beginning of the COVID-19 pandemic,” said Castrogiovanni.

Those virtual platforms include online bill paying via the mobile app as well as online loan applications and loan payments. Castrogiovanni said Wayne Bank’s decision to close the Narrowsburg branch reflects a national trend toward office consolidation and increased virtual banking. “We find that even local merchants have less need of in-person bank services. With credit and debit purchases now the norm, merchants rarely make cash deposits or need change for cash registers.”

Asked if those customers already traveling a distance to bank in Narrowsburg had any recourse other than to travel, in some cases, more than 20 miles for either in-person bank services or ATM banking without fees, Castrogiovanni said that a Moneypass network of 33,000 surcharge-free third party (not Wayne Bank) ATMs is available nationwide. Locations for those ATMs can be accessed on the bank’s website under the homepage “Personal Banking” tab. 

The current branch building has been located at 93 Main St. since the middle of the 20th century when the town’s First National Bank opened on that site. Although the building had not been sold as of October 28, Castrogiovanni indicated that it is for sale.

The closing sentence of the notice received by Narrowsburg branch depositors said, “If you have a safe deposit box at the Narrowsburg Branch, you will be receiving information on how to transfer its contents.”

Wayne bank, narrowsburg, branch, closing

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