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Fill The Spot: 13 Masonic Street

Savings Institute and Trust closed its New London branch this year

When financial discussions were renewed in the wake of the 2013 fiscal year municipal budget's defeat at referendum, the first meeting brought the dismaying news that the city had a bigger than expected gap to fill. Finance Director Jeff Smith told city councilors that the new budget should account for a number of unexpected occurrences in the first part of the fiscal year (which began on July 1) to ensure that costs and revenue shortfalls were accounted for.

One of those shortfalls: the rent from the Savings Institute Bank and Trust. Set up in the city-owned building at 13 Masonic Street, the bank closed its New London branch at the end of the year. With it went half of the rent the city had anticipated for the fiscal year. It was the second New London bank branch to close in 2012, following Bank of America's decision to withdraw from its State Street building.

The Savings Institute Bank and Trust was set up by a Connecticut legislative act in 1842. Its listing on Patch says the New London branch had been in the city for over 40 years as of 2010. The bank's website lists 20 remaining branches and ATMs, with the closest ones in East Lyme, Groton, Mystic, and Norwich.

This space is located next to the post office and across the street from City Hall and the Harris Building. What do you think should be located here?

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Doc Halliday January 05, 2013 at 11:51 AM
With city hall across the street, perhaps the city could concentrate more city/county offices in this location so people don't have to drive all over town to different offices to get permits, pay bills, or whatever.
Donna Pearlman January 05, 2013 at 01:14 PM
I agree with Doc not only City Hall across the street but the Post Office next door that is a terrific idea.
parent January 05, 2013 at 01:16 PM
More stores will be closing soon in downtown. The tax hikes are now unbearable in this struggling economy. The City should be finding ways to compensate their long standing businesses. The business district is the livlihood of a city. Find grants or give incentives to decorate storefronts, stay opeb longer hours, and reduce taxes or business district occupants. The City is raising rates with vacancies throughout..that is like a landlord raising rent when only 1/2 occupied. Big no-no, if they had any good business sense the City would be keeping taxes steady and finding a way to reduce their budget. Cut employees, cut services to semi annual instead of quarterly, defer maintenance, whatever it takes to NOT RAISE TAXESb

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