Full Text:

Sandy Hook May Get A Bank Next Year

(with photo)

BY KAAREN VALENTA

Ed O'Malley, president and chief executive officer of Western Connecticut

Federal Credit Union, says the credit union might become Sandy Hook's first

bank next year.

Mr O'Malley has been trying for the past year to find a new home for the

credit union that is housed in two separate storefronts at 30 Church Hill

Road. He thought he had the solution when he negotiated the purchase of 38

Church Hill Road, the McCulloch building which houses the McLachlan Insurance

Agency. That sale fell through, however, when St Rose of Lima Church, which

had right of first refusal, decided to buy the property.

Mr O'Malley's efforts took on some urgency when he learned last June that the

building at 30 Church Hill Road was up for sale and that Dr Alexander Isgut of

the Family Health Care Center was negotiating to buy it from John Morganti &

Sons, LLC, the company which built it in 1973.

Many of the tenants in the Morganti building believe they may have to move in

1999 because their leases have not been renewed. They say they have heard that

Dr Isgut wants to use the second floor of the building for medical offices and

have a walk-in clinic in the center of the first floor.

Dr Isgut could not be reached for comment. Virginia Moore of Morganti

Construction in Ridgefield confirmed that negotiations were going on but said

there was "nothing concrete" yet.

Mr O'Malley said that although his lease expired this month, the credit union

will be able to stay in the building pending construction of a new

headquarters.

Mr O'Malley said that Jim Maguire of JP Maguire Associates has proposed

constructing a building on Berkshire Road for the credit union. It would be on

the lot next to the new building that Mr Maguire constructed for his own

business this year.

"In 1988 he had approval from zoning to construct a building there for Newtown

Savings & Loan," Mr O'Malley said. "He is confirming whether the zone change

is still applicable so he could put up a building for us."

Mr O'Malley said he envisioned a "nice building with a lot of parking and a

good drive-through" that would draw a lot of customers, particularly from the

rapidly developing subdivisions in Sandy Hook.

Office Space At A Premium

"The real issue," he said, "is that the borough has no available space for

commercial business and particularly one that needs specialized space like a

bank. There's nothing affordable here."

Alan Clavette, a certified public account whose offices are in the Morganti

building, said he hasn't had a lease in a year and a half. He had drawn up

plans to expand into offices across the hall "and the landlord is still yet to

tell me" the future plans of the building.

"I'm not waiting to see what happens," he said. "I'm in the process of getting

temporary space and will consider whether to go with the credit union to

Maguire's building."

"There's a definite shortage of commercial space in town," Mr Clavette said.

"There are second floor offices with stairs, not elevators, and that isn't

good for many of our clients."

Attorney Paul Lux agreed. His office is also at 30 Church Hill Road.

"I haven't heard anything (from the landlord), not in writing, not verbally,"

he said. "So I'm planning for the worst and hoping for the best. This is the

worst possible time to move -- I'm glad the economy is good but practically

every space is Newtown is taken."

Sandy Stockwell of Stockwell Bates & Associates, CPAs, said her firm has a

two-year lease in the Morganti building and no plans to move yet.

"I'm in the middle of tax season and planning a wedding so I won't be thinking

of anything else until after April 30," she said.

Other offices in the building include psychologist Cheryl Schwartz; The

Quandrangle Group, a management and organizational counseling group owned by

Ronald H. Dukenski; Jonathan Greenfield, MD; and PrimeAmerica. Besides the

credit union, the first floor houses a bagel shop and a video store. Eunice

Laverty, owner of Bagelman, said she heard that her store would be able to

stay if Dr Isgut purchases the building.