Major bank with 1k branches closes outlet for good after sending ‘concerning’ letter to customers and shutting 38 spots
A MAJOR bank with more than 1,000 branches is permanently closing a brick-and-mortar branch after sending a “worrying” letter to its customers.
The revelation has shocked customers as the institution – one of America’s oldest banks – has reportedly already closed 38 branches.
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John Heckert of Pennsylvania told the Lewis Town Sentinel that he and other Citizens Bank customers recently received a “concerning” notification.
He initially assumed it was “junk mail” because of the lack of details.
That notice stated that the Burnham location was located at 308 N. Logan Blvd. would be closed at 12 p.m. on Wednesday, December 13th.
The affected store is located near the Greater Lewistown Shopping Plaza.
The Sentinel quoted the short, one-paragraph letter as saying, “We enjoyed meeting you at the Burnham branch at 308 North Logan Boulevard in Burnham, PA.
“We wanted to personally inform you that we will be closing on Wednesday, December 13, 2023 at 12:00 p.m
“We want to make it as convenient as possible for you to continue banking with us.
“Although the Burnham branch will not be available, you can still bank via an ATM online or on mobile at any time.”
ONLINE BANKING
Heckert, who has been banking at the branch for about five decades, said he was concerned about being forced to bank online.
The 91-year-old Reedsville man added, “I was worried about switching banks and about my direct deposit for my Social Security.”
But he was relieved that only the local branch and not the bank itself closed.
Fellow customer Brian Rothrock of Lewistown told the newspaper the pre-Christmas closure was inconvenient because it meant more travel for him.
It would force him to drive across the Seven Mountains to pick up Penn State game day booster buttons at State College branches, he said.
The US program “Sun” asked the institution for a statement on the closure of the branch.
“DELIVERING GROWTH”
“Many of today’s business turnarounds are not about saving a failing company,” Citizens CEO Bruce Van Saun wrote in a recent statement.
“Instead, it’s about positioning a company for the future, increasing its value and achieving sustainable growth.”
Headquartered in Providence, Rhode Island, Citizens Bank has 1,100 branches and says its “roots date back to 1828.”
Citizens offers retail and commercial banking products and services to individuals, small businesses, mid-sized businesses, large corporations and institutions.
The December closure of the Burnham location came after the bank closed other branches, including several in New York last month.
According to S&P Global Market Intelligence, this is another addition to the nationwide closure of 38 stores this year.
And Citizens isn’t the only bank to announce branch closures as it and other institutions grapple with the fallout from consumers preferring digital banking over brick-and-mortar branches.
Information from S&P showed that more than 1,100 national and regional banks in 49 states were closed between January 1 and July 31.
A SERIES OF DEGREES
PNC Bank confirmed to The US Sun that it will close 47 branches in 15 states.
Virginia and Texas were hit hard by the closures, losing 11 and seven stores statewide, respectively.
The company plans to automate 60 percent of its business by 2026, impacting approximately 1,000 physical locations.
“We have increased the footprint of our PNC branches over the past five years – through new branch development and acquisitions – while the overall number of branches has declined,” a company spokesman said.
“At the same time, we also decide whether to close branches if customer needs change.
“As always, we will continue to invest in and optimize our branch network, alongside our other core banking channels, to serve our customers as effectively as possible,” they added.