Photos by Steven
The HSBC-Citizens Bank switcheroo officially happens today on the SW corner of Second Avenue and Ninth Street... Do banks still give away toasters? If not, then they should.)
The number of branches in the U.S. shrank by more than 1,700 in the 12 months ended in June 2017, the biggest decline on record, according to a Wall Street Journal analysis of federal data.
Branch numbers fell again in the second half of 2017, according to related data submitted to bank regulators and reviewed by the Journal. That would add to the thousands of locations closed following the financial crisis, and is the longest stretch of closures since the Great Depression.
Many of the closings were in big cities and surrounding suburbs, where branches were consolidated largely because of falling foot traffic.
Banks say they carefully consider which branches to close, examining deposit levels at each branch and commute time to the nearest location. “We continue to evolve and optimize our branch network to ensure that we’re operating as efficiently and effectively as possible,” a Capital One spokeswoman said.
For decades, banks needed to add new locations to grow, pushing the number of U.S. branches to a peak in 2009. But in the aftermath of the financial crisis, some started closing branches to save money — and then kept closing them to contend with low interest rates and higher regulatory costs.
Along the way, lenders realized they could maintain their deposit levels with fewer locations in a digital world where customers often prefer banks’ mobile apps and ATMs.
Ground Floor — 3,000 SF
Sublease through December 31, 2025
40 feet on Third Avenue
85 feet on East 14th Street
5 Napkin Burger, Duane Reade, Dunkin’ Donuts, New York Sports Club, P.C. Richard & Son, Raymour & Flanigan, Sleepy’s, Trader Joe’s, Westside Market
Immediately adjacent to the Third Avenue subway station serving the L train with annual ridership of 2,386,533 (Ed note: Hopefully it will be a business that can stay afloat for 18 months starting in 2019 when the L train shuts down.) Located at the base of a 19-story luxury condominium building
In the 1990s, we loved E.A.B. and the people who worked there, especially the manager, John Ottino. Then at some point, Citibank bought out E.A.B., which upset us because everything became so corporate, but at least John and several other wonderful people who had worked for E.A.B. stayed on at the branch for a while, and at least we’ve been able to keep our original E.A.B. account numbers all these years. Because of constant employee turnover, this Citibank branch hasn’t provided a personal touch for many years, but it certainly has been convenient to bank there.