Citizens Bank to Close 15 Branches: Major Changes Leaving Customers Seeking Alternatives
According to The Sun, Citizens Bank has confirmed the closure of at least 15 branches this month, leaving some customers with the difficult decision to relocate their accounts.
Branches Affected
The closures will span across six states: Massachusetts, Michigan, New Hampshire, Ohio, Pennsylvania, and Rhode Island. This information was revealed in a recent filing made by Citizens Bank with the U.S. Office of Comptroller of the Currency.
While the specific closure dates for many branches remain uncertain, customers in Rhode Island can expect the Citizens Bank branch in East Providence to close after Christmas. The official closure date for this location is set for January 22, 2025, according to a bank spokesperson who spoke to Providence Business News (PBN).
The branch shutdowns include:
- Six branches in Pennsylvania
- Four branches in Massachusetts
- Two branches in Michigan
- One branch in New Hampshire
- One branch in Ohio
A Decade of Downsizing
The closure of the East Providence branch highlights a broader trend of downsizing for Citizens Bank in Rhode Island over the past 10 years. In 2014, there were 82 branches in the state, but that number will drop to 53 after the upcoming closure, representing a reduction of 29 locations over the decade. Notably, a majority of these closures occurred in 2020, when Citizens Bank shut down 40 branches across Rhode Island and Massachusetts.
Retail Removals
Most of the recent closures have targeted branches located within Stop & Shop stores, a major supermarket chain in the northeastern U.S. Despite these shutdowns, Citizens Bank has maintained a 36% share of deposits in Rhode Island since 2014, which may be attributed to its focus on enhancing digital banking services.
Reassurances for Customers
Citizens Bank has assured customers that “branches remain a key part of our overall strategy” and emphasized its commitment to supporting and engaging with the communities it serves. In a statement, the bank said, “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.”
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Customers will still have access to services at nearby branches on Newport Avenue and East Avenue in Pawtucket, both located about two miles away, as well as through the bank’s online and mobile banking platforms.
Industry-Wide Trends
The closure of branches is not an isolated incident. Several banks, including Bank of America, Wells Fargo, and JPMorgan Chase, have also announced branch closures this summer. In total, 79 branches were closed within a single month, highlighting the ongoing trend of diminishing brick-and-mortar banking options. Since 2009, over 20,000 bank branches have closed, according to data from the FDIC.
