Citizens shuttering 15 more branches, including three in Greater Philadelphia

In a July 29 filing with the Office of the Comptroller of the Currency, Providence, Rhode Island-based Citizens (NYSE: CFG) said it plans to shutter the following locations:

  • 2001 Market St., Philadelphia
  • 1313 Franklin Mills Circle, Philadelphia
  • 131 Second St., Lewes, Delaware

In addition, the filings said the bank plans to close five sites in western Pennsylvania, three in Ohio and two each in Michigan and New York.

These closings come less than a week after July 23 filings in which Citizens said it planned to close 10 branches, including locations in Horsham, Northeast Philadelphia and Havertown.

As of the June 30, 2020 annual FDIC deposit data, Citizens (NYSE: CFG) had 168 Philadelphia-area branches and a little more than $19 billion in deposits — good enough for fourth-most in the region behind Wells Fargo, TD Bank and PNC Bank.

Like its peers, the pandemic has accelerated customer usage of online and mobile platforms, causing the bank to increase the pace of branch closures. Citizens has closed 61 branches across its footprint so far this year, already significantly more than the 48 it closed in all of 2020. And it has now filed to close 69 branches, exceeding the 53 filings for the entirety of 2020.

*Article courtesy of Philadephia Business Journal

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