Taos Plaza U.S. Bank branch set to close
After 12 years, the U.S. Bank location in the southwest corner of Taos Plaza will be closing on Feb. 16, possibly ending a 100-year history of banking services in the town’s historic square.
A piece of paper posted on the front entrance to the banking location reminds customers of the branch’s closure, which was announced in November.
“Customers’ banking preferences and behaviors are changing, including a rapid migration toward digital and mobile banking platforms and a desire for greater simplicity,” a U.S. Bank representative, who wished to remain anonymous, said in an email to the Taos News. “As we evolve along with our customers, we are reevaluating our physical footprint, and in some instances, consolidating branch locations in select markets.
“We understand that the closure of any branch is a disruption for our customers and our employees,” the representative continued, “and we are working to make the transition as smooth as possible for all involved.”
The U.S. Bank representative did not answer questions regarding the employee status of those currently working at this branch.
U.S. Bank employees working at the plaza branch claimed they were not allowed to speak with media regarding the closure.
The ownership of the property will remain under U.S. Bancorp, the parent company to U.S. Bank. However, this does not mean that the long history of the bank will come to an end. This location hasn’t always been under U.S. Bancorp’s flag; the first bank to open on this property was the First State Bank of Taos.
According to a Taos News article from the June 17, 1965, issue, the First State Bank of Taos was founded in 1922 from the literal ashes of the First National Bank. Alex Gusdorf, who founded the First National Bank, was elected president of the First State Bank, which was originally located in the northwest corner of the plaza. While in its original location, a fire destroyed the north side of the plaza, the bank only being saved because the roofs were doused with water.
In this location, the bank withstood more than just a fire. On Oct. 13, 1955, a burglar successfully held up the bank and ran off with $8,000, according to the Taos News article. Although the robbery was successful, the getaway was not. Two days later the burglar was found on the roadside. The entire fiasco ended with the thief resisting arrest, threatening the life of a police officer and then being shot and killed by a representative from the FBI.
The southwest corner of the plaza was occupied by a variety of businesses before the First State Bank relocated there. At first it was the Gerson Gusdorf general store, then the Don Fernando Hotel, which completely burned down in 1933. Safeway Store called the corner home until 1963, and in June of 1965, the First State Bank of Taos took the spot and renovated the property. At the time, deposits at the bank sailed into the $7-million range.
First State Bank was not finished just yet; in 1966, a branch opened in Questa, and in 1978, a southside branch opened in Taos. Both new locations offered drive-up windows, a luxury at the time. As they expanded within Taos County, First State Bank was acquired by First Bank in 1988.
According to a Taos News article from the June 27, 2002 issue, the
First State Bank had assets worth $820 million as of Mar. 31, 2002. Later that year, they acquired First Community Industrial Bank but dropped the “Industrial” from the title. A Taos News business brief from the Dec. 8, 2005 issue states First State Bank changed its name to “First Community Bank” after a legal kerfuffle that began in 2004 between New Mexico and Colorado. The First State Bank of Taos then changed its name to First Community Bank.
Over five years later, on Jan. 28, 2011, the Federal Deposit Insurance Corporation declared First Community Bank in Taos a “failed bank.” Both the plaza and Paseo del Pueblo Sur locations were quickly sold to U.S. Bancorp.
Taos’ southside branch of US Bank will remain open. It is located at 1021 Paseo del Pueblo Sur, next to Storyteller Cinema 7.