WASHINGTON TOWNSHIP, NJ-The Unity Savings Bank branch that recently broke ground at 5 East Asbury Anderson Road and State Highway 31 here is a demonstration of patience both in development and in the economic recovery, according to Clinton, NJ-based builder Unity Bank.
Its second full service branch in Warren County, the 3,100-square-foot building might not have happened at all if officials had had a crystal ball when it first began looking at the location in 2006, admits president James Hughes. The project has experienced a number of delays.
“It took quite a while for the town to approve the site,” Hughes tells GlobeSt.com. Then, the owner of an adjacent property filed an objection – and a lawsuit – to block construction.
Still, the bank persisted, as much because it could not have sold the land at a profit as to serve a growing client base. Unity actually closed two branches earlier this year. “We’re headquartered in Clinton, and the site has great visibility in a developing area,” Hughes says. Many of its Clinton customers are from the Washington area, the bank notes.
The new branch is being constructed by SPS of Sparta, NJ. The site plan includes entrances and exits on both roadways, one drive-up ATM, two drive-up teller windows and approximately 15 parking spaces. The bank is scheduled to open in the first quarter of next year – but won’t be profitable for quite some time, particularly in an era of very low interest rates.
“Doing a startup bank costs around $500,000 a year,” Hughes says. “It takes a while for a bank to break even.”
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