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Popular regional bank to shutter 22 branches in controversial merger
A popular regional bank is set to shutter 22 branches across New Jersey - thanks to to a merger that has stirred controversy.
The tie-up between Provident and Lakeland banks, valued at $1.3 billion, has caused the closure of a total of 22 branch locations - listed below.
Closures are happening when the two banks have branches very near to each other - often on the same street - and bosses think one can serve both sets of customers.
The decision to shut down the branches was made after a comprehensive review aimed at optimizing customer service, according to the Provident website.
'A careful and thorough review of our combined branch network was undertaken, and we have decided to close either a Provident branch or a Lakeland branch in cases where a single location can serve all of our customers,' the website states.
The merger between Provident and Lakeland banks, valued at $1.3 billion, has caused the closure for a combined total of 22 branch locations across New Jersey
The decision to shut down the branches was made after a comprehensive review aimed at optimizing customer service, according the Provident website
The Provident website lists out the 22 branches that are closing across the state and provides customers with a nearby branch address - all within three miles from the closing location.
The merger, announced in September 2022, resulted in the creation of a new entity operating under the banner of Provident Bank, called a 'super community bank' for the Garden State.
However, concerns have been raised by activists who fear that the closures could limit access to banking services, particularly in underserved communities.
'A lot of individuals really only access financial services through their local bank branches,' Leila Amirhamzeh, director of development at New Jersey Citizen Action told NorthJersey.com.
'Any branch closure is going to impact the community,' she said. 'It does present an issue around equality in terms of accessing basic financial services.'
Earlier this month, nearly 80 bank branches closed across the US in just six weeks - as the industry increasingly offers services online.
The figures suggest the axing of costly bricks-and-mortar locations will continue, with total closures so far for 2024 above 400.
California was worst affected by the recent closures with 20 registered shutterings between April 20 and June 1.
JP Morgan led the charge shutting 18 branches under its Chase retail arm. Wells Fargo was next with 17, including eight in just the past week.
Bank of America filed to close sixteen locations in states across the country including California, Florida and New Jersey.
According to Provident, these closures are primarily due to the overlapping presence of nearby branches
The number of bank branches in the US peaked at over 85,000 in around 2011. Over the last 10 years, it has shrunk by approximately 13,000, according to a combination of data from the FDIC and the OCC
Earlier this month, nearly 80 bank branches closed across the US in just six weeks - as the industry increasingly offers services online. Bank of America filed to close sixteen locations
Such closures deal a huge blow to customers looking to visit in person to submit a document, make a withdrawal or deposit, cash in a check or simply run through their finances with a trusted bank manager.
Others, particularly the elderly, may struggle with accessing banking services online due to a lack of fluency with the internet or smartphone apps.
Unfortunately, the options are limited to either switching your bank, using online banking or exploring what sort of services can be accessed using a nearby ATM.
The number of bank branches in the US peaked at over 85,000 in around 2011. Over the last 10 years, it has shrunk by approximately 13,000, according to a combination of data from the FDIC and the OCC.
The Covid pandemic catalyzed the already-rapid uptake of online banking and although 2020 saw the sharpest decline in the number of branches, closures have continued.