TheTimesTribune.com, Corbin, KY

Business

July 21, 2011

Significant Upgrade

Cumberland Valley National Bank & Trust to renovate, relocate main office

CORBIN — By Becky Killian / Managing Editor

Cumberland Valley National Bank & Trust announced Wednesday it will renovate its Falls Road location in Corbin in part to accommodate the relocation of its main office downtown.

Jim Tatum, the bank’s chief executive officer, made the announcement Wednesday, saying the Falls Road location will be renovated with work expected to be completed by the end of the year. At that time, the Main Street branch will close and the about 10,000 square-foot building as well as the Depot Street property where the bank’s no-longer used drive-through was located will likely be placed on the market.

The bank won’t sell the ground where Nibroc Park is located and Tatum said the park will still be available for public use.

The move to Falls Road will allow the bank to “enhance” its services and update its facilities, Tatum said.

The Falls Road building recently underwent an evaluation by architects who found the structure sound.

“But it’s a little dated,” Tatum said of the building, adding it has only had carpet and wallpaper replaced since it was constructed.

Updates to the building will modernize its appearance as well as help it accommodate the technology used in modern banking, Tatum said. Improvements are planned to both the building’s interior and exterior and include moving the bank’s entrance to the rear of the building so customers won’t have to walk through the drive-through to access the main door.

“So we’re really excited about this,” Tatum said. “This is a significant upgrade to this facility.”

Tatum said the branch will remain open while the work is done.

When asked, Tatum said the bank is not publicly disclosing the cost of the renovation.

“But we’re going to do a good job. Trust me,” Tatum said.

Once the consolidation is finished, the bank will have two Corbin locations rather than three. All employees currently at the downtown office will move to the Falls Road branch.

The bank has 20 employees in Whitley County.

Corbin city officials were among those who attended Wednesday’s announcement. Tatum said city officials were alerted to the bank’s plans about two weeks ago.

Mayor Willard McBurney said he appreciates the bank’s plans to renovate the Falls Road branch.

“I do hate to see them move off Main,” McBurney said, adding that the bank’s downtown location is one of the “prettier” Main street businesses.

The downtown location opened in 1935 as Corbin Deposit Bank.

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