Share this article

print logo


Jamestown Savings Bank, which has been in operation for only two years, plans to open its second branch office next week at 770 Foote Ave., in Jamestown's South Side Plaza.

Andrew Dorn, bank president and chief executive officer, said, "The South Side Plaza is the heart of South Side Jamestown's retail district, and a natural fit for a community bank like ours."

The new branch will employ six and feature five teller windows and a freestanding automated teller machine in an adjacent parking lot.

The start-up thrift is catching on with southern Chautauqua County residents.

At the end of its fiscal year, June 30, total assets stood at $41.4 million, up 143.5 percent from $17 million one year earlier. At Sept. 30, assets stood at $45.5 million.

Over the same one-year period, the thrift's deposits have jumped to $35.2 million from $20 million, a 76 percent increase. At Sept. 30, total deposits were $39.2 million.

Jamestown Savings has yet to become profitable, but losses continue to shrink, down to $450,000 in Fiscal 1997 versus $856,000 one year ago.

There are no comments - be the first to comment