First the only gas station – now the only bank.
Bank of the West is mailing out letters to their customers in the Yachats area that their branch in Yachats is closing down January 23rd. The bank will be transferring their customers’ accounts to their Newport branch. Thus far, Bank of the West headquarters officials have not been available for comment.
Bank of the West is the third bank to come and go in the building just north of the Yachats Commons. When it closes down on the 23rd of January all Yachats area customers will have to make a 50 mile round trip to the bank’s Newport branch to do their banking. Those who do most, if not all of their banking over the internet, commuting won’t mean any more time in the car. For others there are four banks in Waldport who will be only to happy to provide banking services. A 16 mile round trip. Close to a 50 mile round trip to Newport.
One source familiar with the banking industry believes that other banking institutions know very well what’s going and are already jockeying for position to buy the building and establish a new branch of their own. But any way you cut it, it’s going to be a long several months before banking in Yachats gets back to something close to normal.
By the way, the 76 gas station is still for sale. Asking price: $350,000.