Bank building reopens in Logan

After more than a year without one, the Village of Logan has a bank again.

Plateau Telecommunications announced last week it purchased the former New Mexico Bank & Trust building along U.S. 54 in Logan and opened The Bank of Logan and a Plateau store there on Feb. 20.

The Bank of Logan is a division of The Bank of Clovis. According to its website, The Bank of Clovis was founded as a state-chartered bank in 2000 and is insured by the FDIC.

Rodney Paris, administrator for the village, said the arrangement to reopen the bank building had been "in the works for some time."

"It's definitely needed," he said. "You don't know how much you need a local bank until you don't have it anymore."

Company officials stated in a news release that Plateau and The Bank of Logan will hold a grand opening celebration "in the coming weeks."

"We are excited to bring the best banking services to Logan," Randy Harris, chairman of the board at The Bank of Clovis, stated in a news release. "Our Logan team, led by President Garrett Baker, is dedicated to building lifelong relationships with the residents, businesses, farmers and ranchers in Logan and the surrounding area."

"We are excited about the acquisition of this iconic bank building in Logan," said Larry Wallin, president of Plateau's board and a former village administrator for Logan. "Our intent was not just to move our own local office to the location, but to also assist in reintroducing vital banking services that are needed in the community. The Bank of Clovis' values align with ours, creating a perfect collaboration."

New Mexico Bank & Trust closed its branch in Logan in December 2022, leaving the village without a bank for the first time in more than a century.

New Mexico Bank & Trust had announced in March 2022 it would close its Logan branch that June. It rescheduled the closing to December after local entities passed resolutions, requesting more time from the chain to find another banking tenant.

After the bank closed, the building was put up for sale for $775,000.

Logan's original bank was McFarland Brothers Bank, established in 1904 in a sandstone building at Second and Martinez streets that still stands.

That bank was bought out by FNB New Mexico, which moved the branch's operations to U.S. 54 in 2012.

New Mexico Bank & Trust, a subsidiary of Iowa-based HTLF, acquired the Logan branch and other banks in the region during its takeover of FNB New Mexico in 2021.

New Mexico Bank & Trust continues to operate in more than 20 locations in the state, including Tucumcari, Santa Rosa, Clovis, Portales and Clayton.