Bank Takes Over Town’s Abandoned Branch

Residents of Bridgeport, Calif., facing closure of their only bank and the bitter prospect of 120-mile round trips to the next-closest branch, won fiscal redemption Tuesday as a small Central Valley bank agreed to take the place of the departing Bank of America.

Oak Valley Community Bank will purchase the Bank of America branch in Bridgeport, an isolated community tucked between the Sierra and the deserts of Nevada along U.S. 395.

Bridgeport residents learned of the branch sale Tuesday morning and were “completely ecstatic,” said Kellie Annett, who runs a popular fishing lodge and camping spot just outside town.

“Everyone is relieved and happy and grateful to Oak Valley Community Bank for saving our town,” Annett said. “This will quite literally save lives.”

To reach another bank, residents and merchants would have faced a treacherous trip on roads often covered with ice and snow in the long, harsh winters of the Eastern Sierra.

“Quite seriously, it gave us a whole new lease on life,” said Albert Pegorare, butcher shop owner.

Oak Valley Community Bank has assets of about $120 million and branches in Oakdale, Modesto and Sonora. Terms of the deal were not disclosed.

“We are very excited about the opportunity,” said Ron Martin, Oak Valley chief executive. Martin said his bank, with six branches, embraces “old-fashioned banking” built on close ties to customers.

Bank of America, the nation’s largest bank, set up shop in Bridgeport four decades ago. Faced with dwindling business, the banking giant, now based in North Carolina, first sought to sell out six years ago, but had been unable to find a buyer.

Bank of America officials, clubbed by negative publicity since the announcement of their plans to sell the branch, expressed relief.

“We have worked very hard to bring about this transaction,” said Liam E. McGee, president of the bank’s California operations.

But those sentiments drew hisses from some Bridgeport residents.

“Bank of America didn’t help,” Annett said. “It’s incredible they couldn’t find a bank to take over, and we were able to do it in two months with nothing other than desperation to save our town.”