Cash Economy in Wake of Sandy

For banks, the scene on the ground is somewhat precarious: “If we know customers, we let them in – doing it very old school,” said one Shore Community Bank representative. With six branches and $203 million in assets, the bank saw half of its branches shutdown due to the storm. Damage at one branch cannot be assessed due to the building being inaccessible, not to mention the status of their borrowers.

The bank has taken all its cash out of closed branches and moved it to open ones. It believed it had enough cash on hand to get through Monday, though it has not re-upped its cash holdings. No ATM’s are online. It did not know when it could expect its next cash delivery.

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