Major bank closes three locations in same state but CEO promises not to leave people ‘high and dry’
Three branches of a well-known financial organization have closed in the same state.
Although local clients will receive less in-person help as a result of the closures, the CEO of the bank has assured that the community will still benefit.
According to Oklahoma State University-run radio station KOSU, a few First National Bank and Trust Company account customers in southwest Oklahoma would be impacted.
Since before Oklahoma was even a state, First National Bank and Trust has operated there.
According to its website, it was first established as Citizens Bank in 1892 and merged to become First National Bank and Trust in 1938.
The bank will have 14 offices throughout Oklahoma in 2024.
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However, when First National Bank and Trust closes its locations in Alex, Cyril, and Rush Springs, that number will fall to 11.
Although no official business date has been set, they are anticipated to close in the upcoming weeks.
According to Mike VanSickle, chief experience officer of First National Bank and Trust, the closures were partially caused by an increase in internet banking.
Customers in those three regions were utilizing their debit cards and mobile banking apps considerably more frequently than going to branches, according to First National Bank and Trust.
STILL AVAILABLE
“What we did is we listened to those communities, and they’re doing banking online,” VanSickle stated to KOSU.
“Certainly, there will be those that will go to our locations, and now they’ll have to drive 18 miles.”
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“But the vast majority of our customer base is utilizing our electronic channels,” he stated.
For complete service, patrons who frequently visited the Rush Springs, Cyril, or Alex branches might go to the next closest location.
VanSickle did point out that ATMs would be set up for withdrawals and deposits in the closure zones.
From the headquarters in Chickasha, managers from the shuttering outposts will also keep helping the local communities.
In addition to the ATMs, First National Bank and Trust intends to donate the buildings where the branches were located to the Alex, Cyril, and Rush Springs football programs.
In recent months, closures at other institutions have also been confirmed.
BANKING BLOODBATH
In October, Citizens Bank announced that it would close 15 of its locations in six northeastern states.
On January 22, 2025, the majority, including one in East Providence, Rhode Island, will permanently close, a representative informed Providence Business News (PRN).
Since 2014, at least 29 Citizens Bank locations in Rhode Island have closed.
Most of the shutdowns occurred in 2020, when the coronavirus pandemic was at its worst.
At least 79 locations of financial organizations, such as JPMorgan Chase, Bank of America, and Wells Fargo, have closed as of 2024.
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According to the FDIC, the number of brick and mortar banks has drastically decreased since 2009, with 20,000 of them closing.
By the end of the year, at least 18 banks will also close their locations in Walmart shops around the country.
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