A prominent financial institution has shut down three branches in the same state, leaving local clients with limited in-person assistance. Despite the closures, the bank’s CEO has promised to maintain benefits for the community.
The affected branches will close in the coming weeks, with no final date announced. The bank will, however, install ATMs in the closure areas for deposits and withdrawals. Managers from the shuttering branches will continue to assist local communities from the headquarters in Chickasha.
The decision to close branches was partially driven by an increase in online banking, with customers in the affected areas using their debit cards and mobile banking applications more frequently than visiting branches. "What we did is we listened to those communities, and they’re doing banking online," said Mike VanSickle, chief experience officer at First National Bank and Trust. "Certainly, there will be those that will go to our locations, and now they’ll have to drive 18 miles. But the vast majority of our customer base is utilizing our electronic channels."
The bank will also invest in the football programs of the affected areas and donate the buildings to the community. "The last thing we wanted to do is leave any of those communities high and dry," VanSickle added.
The bank has been in Oklahoma since 1892, when it was founded as Citizens Bank. It merged with First National Bank and Trust in 1938. In 2024, there are 14 branches across Oklahoma, but this number will drop to 11 following the closures.
Other banks have also announced recent closures. Citizens Bank, for example, will shutter 15 branches across six states in the northeast, with most locations closing permanently by January 2025.
STILL AVAILABLE
Customers will still have access to ATMs (stock image)
BANKING BLOODBATH
Brick-and-mortar banking has seen a significant decline overall since 2009, with 20,000 locations shuttering since that time. At least 18 banks are also closing for good inside Walmart stores nationwide by the end of the year.
FAQS
- What is the reason for the branch closures?
The bank cites an increase in online banking, with customers in the affected areas using their debit cards and mobile banking applications more frequently than visiting branches. - How many branches will be closed?
Three branches will be closed in Alex, Cyril, and Rush Springs. - What services will still be available?
Customers will still have access to ATMs in the closure areas for deposits and withdrawals. - What will happen to the managers from the shuttering branches?
Managers will continue to assist local communities from the headquarters in Chickasha. - What is the history of the bank?
The bank was founded as Citizens Bank in 1892 and merged with First National Bank and Trust in 1938.
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