The town board has spoken: Ban remains on additional first floor banks in downtown

Chase bank asked the board to put off any conclusion of the hearing
August 14, 2009
by Christine Yeres

The public hearing on whether to amend the law barring banks in first floor commercial space in downtown Chappaqua ended so quietly and quickly that Chase representatives and the property owner of 66 King Street, Ellie Nash, were left wondering exactly what had happened.

Supervisor Barbara Gerrard opened the public hearing – begun on April 28, 2009, continued on May 26, June 9, July 14 and this past week, on August 11, 2009 —and heard brief statements from two speakers, both representing JP Morgan Chase Bank.

Arthur Korzec, in-house counsel to JP Morgan Chase, told town board members that Chase was “still very interested in serving the downtown community by opening a branch at 66 King Street. We would like to understand what the objections are.”  He said he believed that in May 2009, the board had seemed receptive to the idea, but that recently the board’s attitude seemed to change. Korzec asked the board “to consider the issue, continue the discussion and not come to any conclusion just yet.”

Christopher Cesca, vice president and market director of real estate for JP Morgan Chase, spoke also, emphasizing that Chase wanted to be in downtown Chappaqua, but would decidedly need first floor space from which to operate.

Gerrard and other board members moved to close the public hearing.  Gerrard then asked whether fellow board members wished to make a motion to change the downtown banking restriction. No motion was made and Gerrard proceeded with the next part of the agenda.

The JP Morgan Chase representatives and Ms. Nash left the hearing room and discussed the matter in the hallway outside.  They concluded that since the board had made no motion to change the law to permit banks on first floor space, the law barring banks remained. 

Reached the next day, Supervisor Gerrard explained, “What happened last night is that we closed the public hearing. Board members felt they had received whatever info was available. Chase spoke last night, and none of the board members were swayed enough to change the law. The responses we had seen and heard have been more in favor of keeping the statute as it was, and so we didn’t see any need to change it. We really value our merchants and we’re trying to help them.” 

To view archived articles and letters to the editor on this subject, click Archived articles and letters: Whether to allow banks in first floor space

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