Denison residents welcomed a new limited-service bank, or loan production office, to downtown with a ribbon cutting ceremony on Tuesday.
Cendera Bank held the grand opening for its new office in Denison on Tuesday with a reception. There were business owners, residents and members from the Denison, Sherman and Pottsboro chambers of commerce to partake in the ceremonies.
Bob Taylor, vice-president and LPO manager, for the Cendera branch said it will apply for a charter in January to allow it to operate more like a traditional bank branch with tellers and cash deposit capability. At the current time, it can sell loans but cannot service them.
The purpose of the loan production office is to provide commercial loans.
“This building used to be a bank,” Taylor said. “I reached out to Cendera and they set this up. Getting the building was a driving force to get this operational. A full-service branch is in the near future. Right now we’re like a boutique level of banking service.”
He said he is hoping to grow the business to outgrow the existing facility.
“This is a great community,” Taylor said. “The support we have from merchants downtown to the people. I may not be able to do business with everyone. I know if I got in a bind, if we needed something in a hurry, I know the support is here. There is a community that acts like a family in downtown Denison.”
The branch, located at 630 W. Main Street in Denison, is currently operational as a loan production office. Taylor said the short-term goal is to begin offering more services before becoming a full bank able to take cash deposits by March 2019. He also said there will be an ATM installed by next week.