Letter: Chesapeake Bank owned by local stockholders
I just wanted to write a quick clarification to an article that was posted in your June 18th edition which stated, “Gloucester and Mathews residents are left without a locally owned bank in the two counties.” Chesapeake Bank and its parent company Chesapeake Financial Shares are proud that one-fifth of its stockholders currently are Gloucester and Mathews County residents.
The bank, which is currently in its 114th year, has a strong tradition in both counties and prides itself both on its financial as well as community service to Gloucester and Mathews. Perhaps the opening sentence could have referred to a bank with headquarters in either of the two counties rather than referencing ownership.
Sadly, communities without a bank headquartered there is a national trend with total number of banks currently less than half of the number 30 years ago almost exclusively due to consolidation. Higher regulatory burdens have had a disproportionate negative impact on smaller community banks, and the continued consolidation is a reflection of this.
Thank you for clarifying this and for all your publication does for the community.
Jeffrey M. Szyperski
CEO and President
Chesapeake Bank and Chesapeake
Financial Shares, Inc.