Sherburne State Bank officials this week announced the intended closing of their Clear Lake branch come the end of operations Dec. 31.
Kevin Doty, CEO and president, said all branch customers were notified of the closing by letter last week.
Reason for the closing, Doty said, was that attempts to build the branch office into a sustainable size had not materialized.
“The surrounding market is not growing at a rate sufficient to support the ongoing cost of maintaining the location,” he said.
“Potential impact to our customers, employees and the community have been considered. With continued enhancements in technology and relative close proximity to our Bewcker branch, we are confident customers’ banking needs will continue to be well-served.”
Existing staffers at the Clear Lake branch are being offered opportunities for continued employment with the bank at its Becker and Princeton locations.
Clear Lake has long had banking services dating back into the earlier parts of the previous century.
A bank office served the community from its Hwy. 24 location for many years, then was closed for a time.
Previous Santiago State Bank and Sherburne State Bank owners Sherm Lindstrom and Roger Haugen re-opened the Hwy. 24 site, remodeling the banfor operations at the end of 1979.
It operated at that site until Haugen purchased the present bank building and remodeled it, opening it in 2007.
