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By Lm'ra Rv-by Rapfmhannm-k Nww Staff Wr>twin
many ways. the community bank has gone the way of the mom-and-pop shops with which it has traditionally done business. In a highly competitive fteld ‘dominated bv mega-banks, these small, communitybased institutions have tail( en by the wayside.
Three decades ago. Fauquier County was home to seven community banks, Tbday. one remains.
A group of investors with decades of banking experience is looking to change that with plans to open a new community bank later this year.
According to Michael A. Ewing, president and CEO of the new venture, organisers are raising capital to launch Oak Hill National Bank.
Being organised by past officers and members of the former board of Marshall National Bank and Trust Company. Oak Hill National Bank will be “a community bank offering personalised, relationshipbased service customised to meet our clients' individual needs rather than selling them pre-packaged products.’* according to Ewing.
“Many of our directors and officers worked together for many years at Marshal National Bank and Trust Company and are well placed to understand and meet the demand for a new community bank providing a local focus and attention." Ewing said, noting that with branches slated for Warrenton and Mnrshalt. the bank will feature state-of-the-art technology. access to 35,000 ATM machines for free use. and on excellent staff.
When the Marshall bank was sold to PNC Financial Services Group Inc., in March 2007, there were concerns among board members about how the change would impact customers. Ewing explained.
“The board was very concerned about the loss of local decision-making, loss of many good-paying jobs, and the huge distance between the customers and the decision-makers due to layers of bureaucracy and rigidly applied policies." said Ewing.
Banking, he said, is well described as a three-legged stool. with customers, employees and shareholders each making up one of the legs. “If the shareholders are making money on the backs of the employees, the employees will go elsewhere. and then the customers are not getting good service. If the pricing for customers is too high, the shareholders might make
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