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Letter: Chesapeake Bank owned by local stockholders

Editor, Gazette-Journal:

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 i...

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