COOPERSTOWN, N.Y. - For many, the great American dream is to start their own business. Starting a new bank in this day and age to many might seem insurmountable. But that’s what a group of friends did in July 2007.
Today, the Bank of Cooperstown is a full service New York State chartered bank. It has successfully grown since opening in December 2007, and today has more than $15 million in deposits and $10 million in loans.
The Bank of Cooperstown is located at 73 Chestnut Street, in Cooperstown. (Photo submitted by Dick Palmer)
Located at 73 Chestnut St., the bank specializes in commercial and agricultural loans, including mortgages, term loans or lines of credit. The Bank of Cooperstown also serves the needs of homeowners with home equity loans, lines of credit and consumer loans.
The bank offers very competitive deposit products, including service charge-free checking accounts for both business and personal accounts. It also offers cash management, Internet banking and remote deposit capture services designed to make banking more convenient and available on the customer’s time, not only the bank’s hours.
President Scott White described the customer-friendly service called Remote Deposit Capture. He said, “It is a simple concept where the business customer uses a scanner to electronically transmit the check image to the bank and make a deposit. This happens with a scanner provided by the Bank of Cooperstown, installed at the business owner’s office and linked to their computer.
“Customers who receive a lot of checks each day find that the ability to deposit these checks in their account electronically from their office, at a time convenient to them, is a tremendous advantage and in some cases cutting the old banking time from an hour or more to just 20 minutes. This product allows business customers to bank when it is convenient for them, and therefore (the) Bank of Cooperstown is truly working to help the business,” White added.
“The past 18 months have been difficult for all businesses, and banks are businesses as well. Maintaining gross profit margins and controlling expenses are very important to all businesses, the Bank of Cooperstown included. As the Bank staff is very aware of this, they are able to identify and therefore work closely with commercial business customers during these challenging economic times,” White said.
“The ability to control and understand the cause and effect of each action and expense within the business,” he said.
White has more than 20 years of commercial lending experience and five years as the chief fiscal officer of a manufacturing and service company. As a result, he said he is able to work with business customers to identify opportunities to improve gross and net profit margin.
Personal Bankers Jessica Baker and Stacy Aldrich share their knowledge and provide assistance to customers with deposit and consumer products, while teller Melissa Guardi eagerly awaits the opportunity to assist customers with their deposits.
The Bank of Cooperstown has current clients along the Route 28 corridor from Herkimer to Delhi and is looking to build relationships with both its deposit and loan customers.
For further information, call 607-547-2210 or visit www.bankofcooperstown.com.