Penhold's rapidly growing commercial district is expected to gain a bank in the new year

Penhold's rapidly growing commercial district is expected to gain a bank in the new year

ATB Financial coming to Penhold commercial district

With a new grocery store, pharmacy, medical and dental clinics, real estate office, hair salon, pizza restaurant and liquor store all joining Penhold’s commercial landscape in recent months — or in the process of doing so now — the latest announcement shouldn’t be a surprise. ATB Financial has confirmed that it will open an agency in the town south of Red Deer, likely this spring.

With a new grocery store, pharmacy, medical and dental clinics, real estate office, hair salon, pizza restaurant and liquor store all joining Penhold’s commercial landscape in recent months — or in the process of doing so now — the latest announcement shouldn’t be a surprise.

ATB Financial has confirmed that it will open an agency in the town south of Red Deer, likely this spring.

Bank spokesman Barry Strader said TB Financial’s agencies typically offer basic personal banking services like issuing bank drafts, MasterCard cash advances, certified cheques, and in some cases U.S. funds and travellers’ cheques.

“The Penhold agency, however, will operate more like a full-service branch,” he told the Advocate in an email. “So it will be able to offer any service you could find at one of our full branches. That would include opening accounts, applying for mortgages, lines of credit, etc.”

Penhold Mayor Dennis Cooper said the town is pleased to have a bank take up residence in the community, including for its own convenience.

“The Town of Penhold uses ATB (Financial) and we take a police car every day to go do our deposit — sometimes twice during tax time.”

He thinks a full-service financial institution is needed in the growing town, which is approaching a population of 3,000 and has had a number of new businesses pop up in the past year. Most of these should benefit from having a bank nearby, said Cooper.

Penhold is currently served by several automated teller machines, but these offer limited services and only one is available 24/7.

The proposed ATB Financial will be a stand-alone business, with its own entrance and an ATM with continuous access, he said.

Cooper pointed out that more than 100 homes have been built in town this year, which should equate to between 260 and 290 new residents — and potential bank customers.

He said the agency will be operated by a local resident with financial experience, and who learned about the opportunity after ATB Financial revealed to the town that it was interested in setting up shop in Penhold.

hrichards@bprda.wpengine.com

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