Citizens Bank closing 3 more Philadelphia-area branches

Citizens Bank has filed to close three more branches in the Philadelphia region as it continues to optimize its retail footprint and terminate relationships with local supermarkets.

In a July 23 filing with the Office of the Comptroller of the Currency, Citizens said it will close the following locations:

    • 314 Horsham Road in Horsham, inside a Giant supermarket
    • 3200-92 Red Lion Road in Philadelphia, inside an Acme supermarket
    • 160 W. Eagle Road in 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. Locally, those included sites in Southampton, Aldan, Aston, Frankford, Jenkintown and North Philadelphia. Its applications to shutter sites in Torresdale and Southampton have also been approved.

*Article courtesy of Philadephia Business Journal

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