Key Bank will rebuild its Phoenicia branch, which was destroyed by a fire on Feb. 16, according to a press release issued by the bank on Monday, March 23. The bank estimates that the rebuilding will take several months, and may begin this spring.
In the meantime, Key Bank will install a full-service ATM in Phoenicia "as soon as possible." The bank has been closed and its employees have been assigned to other branches since the fire.
According to the bank's press release, the cause of the fire at the bank is still being investigated.
On Feb. 20, fire investigators told the Watershed Post that the fire was accidental, caused by an "unspecified electrical event within the building."
Read the full press release below:
KEYBANK TO REBUILD PHOENICIA BRANCH AFTER FIRE
Ulster County branch destroyed on February 16 to begin rebuilding in second quarter 2015PHOENICIA, N.Y., Mar. 23, 2015 - KeyBank N.A. today announced that it would be rebuilding its branch in Phoenicia, N.Y. that was damaged in an overnight fire on February 16. The rebuilding will begin as soon as possible, potentially within the next few months.
Located at 53 Main St. in Phoenicia, the branch has remained temporarily closed and the building secure since the fire, with customers having access to safe deposit boxes by appointment. No KeyBank employees were harmed in the fire and all have been reassigned to other branches in the area until the Phoenicia branch reopens.
"We are grateful for the community’s support and concern during this time and truly appreciate all the assistance we have received,” said Ruth Mahoney, president of Key’s Hudson Valley/NY Metro market. "Protecting our customers' financial assets and private information is our highest priority and we are working to ensure that any disruption to our customers' banking routines is kept to a minimum as we move through the rebuilding process."
Until the branch is rebuilt, Key customers have been advised to use online banking options when possible, and directed to other nearby branches for physical transactions. These are the five branches closest to Phoenicia:
- Windham, 5387 Main St., Windham, NY 12496
- Stone Ridge, 3565 Main St. Stone Ridge, NY 12484
- Kingston Uptown, 267 Wall St., Kingston, NY 12401
- Saugerties, 258 Main St., Saugerties, NY 12477
- Ulster, 1203 Ulster Ave., Kingston, NY 12401
While the rebuilding of the branch could take several months to complete, it is expected that a full-function ATM will be installed in town as soon as possible.
"We value our Phoenicia customers very much, and we are pleased to be rebuilding and to remain a part of this vibrant community," said Mahoney.
The cause of the fire is still under investigation.
