![]() banks, the Bank of Cattaraugus remains profitable and staunchly independent, turning down repeated purchase offers. people fly into Buffalo once to travel down here to offer to buy us, but they couldn't find us, they got lost." lost in a world where people know their neighbors, and a handshake and a prom- ise are sometimes more telling than a line on a credit score. bank's people-before-profits philosophy. The bank made only $5,000 in 2011, and over the past 40 years its annual net profit has been about $23,000. "It's wonderful," said Cullen. "We were want to gouge people." put that money back into the communi- ty." has the same reply: "Where is it written that we have to grow? We stay home, we do a good job, and Cattaraugus is a won- derful community to live in. In fact, I can't imagine a more ideal little town." Cattaraugus and manages the local Setterstix Corp. plant, a lollipop million paper sucker sticks every day, including those on every Dum Dum sucker handed out at the bank. me," said Pritchard. When he recently refinanced a loan, he knew where he would get a fair deal. tion," said Pritchard. "Most weeks I'm stopping in the bank for one thing or another and quite often I see Pat out in office crunching numbers. And he's out in the community so most everybody knows him." national news outlets: on a Saturday morning, picked up a cou- ple of cashier's checks, then accompanied the homeowner to the county foreclosure auction to back his bid, later setting up a payment plan the couple could afford. check needed immediate cash to replace a tire rim on her car. With no credit card and no savings, she went to the bank and got a $300 loan. feared she would lose her home. Cullen arranged for one of his three sons, Thomas Cullen of Chicago, to buy the house so the sisters could stay on as renters. "the nicest banker in America"; and the kind of stories that bank examiners shake their heads over. the bank earned in interest. Bank examin- ers wondered why the bank didn't just tell the woman to apply for a credit card. It's a no-brainer, they said. tire (right away)." ment company in Chicago. see what's going on with everyone and then make the connections to make everyone thrive," said the younger Cullen, a member of St. Bonaventure's National Alumni Association Board. "My dad runs a business in a completely different way than a lot of people would. He wants to make sure people are happy and that everybody wins, and he certainly believes there's a way to do that." use the numerical credit score, but we pretty much make secured loans," said Cullen. On the other hand, he watched his own father cement deals with a hand- shake and he won't believe the business world has become so stilted that one's word doesn't still mean something. in a small town were only rein- forced by his Bonaventure educa- the fall of 1966 I stopped in the chapel in Devereux Hall (now Garret Theater)," said Cullen. "Fr. Gervase White was saying Mass, and he gave about a 20-second ser- mon that I'll never forget. It turned me right around. He essentially said that above all else, no matter what, be posi- tive, helpful, supportive, a good person, and you'll always be happy." Franciscan spirit on campus. "You can't look at The Heart across the valley or walk been a family affair. Patrick Cullen took over from his father, L. Edgar Cullen (above), and works alongside his wife, Joan (from left), and daughter, Colleen. |