According to The Sun, Citizens Bank has confirmed the closure of at least 15 branches this month, leaving some customers with no option but to relocate their funds before the locations permanently shut down. The closures will affect customers across six states: Massachusetts, Michigan, New Hampshire, Ohio, Pennsylvania, and Rhode Island, as detailed in a recent filing to the U.S. Office of Comptroller of the Currency.
Timeline for Closures
While specific closure dates for most branches remain uncertain, Rhode Island customers can expect the Citizens Bank branch in East Providence to close after Christmas, with an official shutdown date set for January 22, 2025. Following that date, six branches in Pennsylvania, four in Massachusetts, two in Michigan, one in New Hampshire, and one in Ohio will also cease operations.
A Decade of Downsizing in Rhode Island
The closure of the East Providence branch highlights a decade-long trend of downsizing for Citizens Bank in Rhode Island. The bank had 82 branches in the state in 2014; after the January closure, only 53 will remain. This marks a reduction of at least 29 locations over the past ten years, with a significant number of closures occurring in 2020 when the bank shut down 40 branches in Rhode Island and Massachusetts, primarily located within Stop & Shop supermarkets.
Retaining Market Share
Despite these closures, Citizens Bank has managed to maintain a 36% share of deposits in Rhode Island since 2014, attributed in part to enhancements in its digital banking services.
Customer Assurance and Support
In a statement, Citizens Bank assured customers of its commitment to evolving its services: “We’ve been on a journey at Citizens to evolve how our customers bank with us, and we continually review customer patterns to evolve and adjust strategy across our network.”
The bank also mentioned that it looks forward to serving customers through nearby branches on Newport Avenue and East Avenue in Pawtucket, both located approximately two miles away, along with its online and mobile banking platforms.
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Additionally, Citizens Bank emphasized that “branches remain a key part of our overall strategy” and reiterated its commitment to supporting the communities it serves. Employees at the affected branches have been notified and presented with options for other open positions within the bank.
Industry Trends: A Broader Banking Shift
The trend of bank closures isn’t unique to Citizens Bank. This summer, several major banks, including Bank of America, Wells Fargo, and JPMorgan Chase, also shut down branches. Specifically, JPMorgan Chase closed 18 branches, Wells Fargo 17, and Bank of America at least 16. In total, 79 branches closed within a single month.
The brick-and-mortar banking sector has faced significant challenges over the years, with at least 20,000 branches disappearing since 2009, according to data from the FDIC.
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