Sidney State Bank opening branch in Sheridan

By Meghan Nelson • Last Updated 11:22 am on Monday, June 19, 2017

Sidney State Bank is located at the corner of S. Derby and W. Sidney roads in Sidney. The bank is planning to open its first branch in Sheridan pending state and federal approval. — Daily News/Meghan Nelson

SHERIDAN — Chemical Bank’s announcement that it would close 16 banks statewide, including its locations in Crystal and Sheridan, sent a rumble throughout those communities.

“Going around town, I meet a lot of people who are concerned, frightened and disgusted,” said Sheridan resident Erik Halvorsen.

Halvorsen planned a town hall meeting for tonight to try to find a solution for local banking.

The preliminary plans for Sidney State Bank’s new Sheridan branch feature an interior design similar to the bank in Sidney. Bank President Jim Paris presented the bank’s plans to open in Sheridan during Tuesday night’s Sheridan Village Council meeting.

However, that meeting is now canceled in the wake of Sidney State Bank’s announcement that it is opening a branch in Sheridan. The news was made public during Tuesday evening’s Sheridan Village Council meeting.

“It’s an opportunity for us,” said Sidney State Bank President Jim Paris. “We haven’t opened any branches before. We’ve been waiting for an opportunity to present itself, and we decided to take advantage of it.”

Sheridan is an ideal location for a second Sidney State Bank because of the relationship the bank already has with village residents. Unlike other communities, Sheridan doesn’t have much competition for financial institutions.

“Sheridan needs somebody,” Paris said. “So many small communities like Sheridan struggle when they lose a financial institution. We think we can do well there, and we have a pretty good reputation in that area.”

Paris gave Sheridan officials a letter Tuesday of intent to purchase a portion of the old Carnation property and an adjacent lot for the location of the new branch, pending approval from the Department of Insurance and Financial Services and the Federal Deposit Insurance Corp.

“We’re excited to hear about the proposal and everything,” Village President Susan Wyckoff-McFarland exclaimed in response.

Village Council members thought having Sidney State Bank be the first business to move onto the old Carnation property would set a good precedent for the kind of business the village wants to attract.

“I think if we start right, we can finish right,” Village Superintendent Doug Lane said. “Everybody wants a good neighbor.”

Lane said there has also been discussion about the bank using some of the leftover bricks from the old Carnation building for the bank’s sign.

The new building will provide full-service banking, including drive-through banking and an ATM. The early designs of the building look similar to the current Sidney State Bank.

Before Sidney State Bank can open a temporary office or start building their permanent building, there are several steps they must take, but the goal is to open as soon as possible.

“Normally banks plan branches a long time in advance,” Paris said. “We’re doing the best we can because I know the community wants something there, but we should stress that we’re only five miles away in the meantime.”

Paris declined to provide an approximate opening date at this time; however, he noted it only took two weeks from when Sidney State Bank learned about Chemical Bank’s closures to decide to open a branch in Sheridan.

“It’s already moving pretty quickly,” Paris said.

Sheridan’s Property Development Committee plans to meet next week with Sidney State Bank officials to update them on the property and assign an address to the property.

Paris invited anyone thinking about joining Sidney State Bank to visit the bank during an open house from noon to 6 p.m. June 23 in Sidney.

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