The following was sent to Brian Devaney, regional director of the Santander Bank, formerly Sovereign, formerly Bank of MV, regarding the closing of the Chilmark branch:

Mr. Devaney,

Having been responsible for a multitude of media properties, including the American Banker, over the course of my career, I’d like to offer the following observation to your organization.

I understand the reality of banking consolidation. I understand the reality of Profit and Loss statements. I also understand the need for enterprises to differentiate themselves from their competitors.

Since the 1970s, I have had an account with Bank Santander, formerly Sovereign, formerly Bank of MV. When I moved full time to the Island six years ago, I moved my banking business to Chilmark. I made that move despite the fact that online banking makes it possible to bank anywhere and makes personal banking services virtually indistinguishable from one institution to another.

I made this move because the several staff at the Chilmark branch were professional, were aware of our family’s banking and financial needs, were highly efficient and were able to make complicated issues easier for our family. In short, because they exemplified the best of customer service. Kim, Nikki and Carrie differentiated your bank from your competition.

You are closing your branch in Chilmark. You have asked me to regard the Triangle bank as my local branch. I assume the staff in Chilmark will be afforded jobs should appropriate positions be available. I also assume from my own business experience that an office closing necessitates staff reductions.

So, back to the realities of banking consolidation, of Profit and Loss and differentiation. I will be moving my banking business to another institution when the Chilmark branch is closed. I am sure your region has done a customer retention/loss analysis and is comfortable with your decision to close our community branch.

Your bank has lost its advantage. Your staff in Chilmark were your differentiator.

Sincerely,

Jim Malkin
Chilmark