Banks are welcome in village, for time being

Hanover Park will continue allowing new banks for now, but the village is looking at ways to prevent financial institutions from taking over its prime real estate.

Last week, the village board shot down a proposed moratorium on banks. The idea had stemmed from Mayor Rodney Craig's concern over the proliferation of banks and their locations at high-profile, sales-tax generating corners.

The idea wasn't without some merit, trustees said.

When Chase and Fifth Third branches open in the near future, Hanover Park will have six banks, not including Bank of America's application for a branch at the northeast corner of Barrington and Irving Park roads.

That translates into one bank for every 6,600 village residents -- actually a much lower concentration of banks compared to some suburbs.

Schaumburg, for example, where there is a moratorium, has 34 banks within its corporate limits, or one bank for every 2,200 residents, Hanover Park Village Manager Marc Hummel said.

The concentration is even higher in Batavia, where there's one bank per 1,600 residents. Hummel cited Elk Grove Village, Aurora and Naperville as other examples, with 2,100, 3,800 and 1,900 residents per bank, respectively.

While Hanover Park officials say a moratorium on local banks isn't warranted at this time, local officials also want more information on a certain provision Schaumburg puts on its banks.

Schaumburg prohibits freestanding banks with drive-throughs from corner lots and major roadways unless they're part of a larger commercial development.

Whatever happens, the board agreed no conditions would be put on Bank of America.