AMSTERDAM-A new branch of a local bank will open on Route 30 sometime in early March.
Patriot Federal Bank, a Canajoharie-based bank that also has a branch in Johnstown, is retrofitting the former Ponderosa restaurant for banking and offices.
According to Gordon Coleman, president and CEO of Patriot Bank, this new location was chosen for three reasons. The primary reason was the population, with 25,000 people living in the area around the commercial strip. Secondly, Coleman said, according to the FDIC's records on local deposits, almost $450 million to $500 million is deposited yearly, meaning the area has a good deposit base, he said.
Earlier this week, Steve Dorrough of Kucel Contractors measures wood to be cut for the construction of the Patriot Federal Bank branch in Amsterdam. (The Leader-Herald/Arthur Cleveland)
Lastly, the new location is easily accessed by drivers and within walking distance of several shopping plazas.
"It was just a prime spot," Coleman said.
This new location was originally slated to have a attached office space that could be leased out. Instead, Coleman said, the bank will use the office space for a subsidiary company, Patriot Asset Management.
This will be the last project handled by Coleman, who has run the bank since its founding seven years ago. Retiring Dec. 31, he will make Kathleen Wolfe, chief operations officer, his successor. Wolfe said she is confident about the new branch location.
She said Patriot will be the only locally owned bank in the Amsterdam area.
Completion of the site is expected to be around the end of February or the first two weeks of March. The building will have a drive-through teller window.