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.
The amendment would require financial institutions to apply for a special permit to open a new branch in this small town.
“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. 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 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.
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.
