BELMONT, Mass. – A proposed zoning amendment would make it much more difficult, if not impossible, for credit unions and banks to open a new branch in this Boston suburb–one of the last to abandon a ban on liquor sales.
The amendment would require credit unions and banks to apply for a special permit to open a new branch in this small town, which has grown to house 12 branches in recent years, including one credit union, Belmont Municipal FCU, and two free-standing ATMs.
“Basically, it’s saying that banks and credit unions are only going to be allowed by special permit,” said Jay Szklut, manager of planning and economic development for the town.
“The reason is they do not contribute to a thriving commercial area,” he told The Credit Union Journal yesterday. “They do not contribute to commerce, they do not complement the shopping; and they limit the amount of space for retail activity.”
“Essentially, we’re going to try to control what we’ve got in downtown Belmont,” said Szklut.
The proposal comes in the wake of an in-town controversy over a new downtown branch for Leader Bank.
The zoning amendment must be approved at the annual town meeting in April–by a two-thirds vote. The town’s Planning Board is holding a public hearing on the proposal tomorrow night in Town Hall.
A similar initiative was proposed in nearby Concord last year when Bank of America sought approval to build a branch there, but was abandoned after the banking giant pulled out.
