Ulster Savings to close Main St. branch

Bank reps say deposits at the branch are down nearly 40 percent (photo by David Gordon)

Bank reps say deposits at the branch are down nearly 40 percent (photo by David Gordon)

Business at its Main St. Saugerties branch has been falling off over the past few years, and it will be closed in April, said Joan Eck, the bank’s chief credit and service officer. Ulster Savings will maintain its main Saugerties branch at the Twin Maples Plaza.

The Main St. branch doesn’t offer the full range of services, such as Saturday hours, after-hours drops, online banking and other services customers have come to expect from a full service bank, like the one at Twin Maples, said Eck.


Deposits at the village’s branch are currently about $5 million, and have been declining over the past few years. The deposits at the branch peaked at about $8 million several years ago, she said. That contrasts with Twin Maples, with about $27 million.

In addition to the bank, the two-story building houses a certified public accountant and a tax services office, with two law offices, a child and family therapist, and an abstract company opening off a side entrance on Bridge St. The bank area is small, with employees at desks rather than behind the traditional cages.

While the move away from the village could create some inconvenience for customers who don’t drive, banking offers many alternatives to visiting a branch in person, Eck said. Online banking, banking by mail and other services reduce the importance of a branch customers can access in person. The two employees who worked at the Main St. branch will be relocated to other branches, and no employees will be losing their job, she said.

Overall, Ulster Savings Bank is growing, with a new branch recently opened in Newburgh and a recent expansion of the New Paltz branch, Eck said. The bank is currently seeking another Ulster County location for another branch.