Last month PNC Bank announced that it would be closing branches located in Stop and Shop grocery stores.
“After a careful review of our business model, PNC’s strategic goals and the potential impact to our customers, the decision was made to close approximately 127 of our Giant Foods and Stop & Shop in-store branches, including in Washington D.C., Maryland, New Jersey, and Delaware,” said Jason Beyersdorfer, regional communications manager for PNC.
Now comes word that Santander Bank will also be closing some of its New Jersey locations. According to the Philadelphia Business Journal, the branches being closed are in Clementon, Princeton, Hamilton, and Robbinsville.
“Like many industries, our customers’ preferences and behaviors have changed, with more customers choosing to bank with us online,” a Santander spokeswoman said in a statement. “Therefore, we are reimagining the customer and employee experience by simplifying our processes, refining our branch footprint, and increasing our investment in digital capabilities to align with the evolving needs of our customers.”
Most of the major banks like TD Bank, Wells Fargo, and Citizen’s Bank have also announced dozens of branch closings as retail banking increasingly migrates online and through ATMs.
According to Patch.com, the closing of the branches in grocery stores has caught the attention of elected officials who are worried particularly about older New Jerseyans who might not be tech-savvy for online banking. Ocean Country Commissioner Joe Vicari told Patch: “Community banks should serve the community. We need age-friendly bank branches in Ocean County.”
Opinions expressed in the post above are those of New Jersey 101.5 talk show host Bill Doyle only.
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