New Yorkers will soon see fewer bank branches in their neighborhoods as a major financial institution has confirmed upcoming closures. Fulton Bank, which recently acquired branches from a collapsed competitor, has announced it will be closing 15 locations across the tri-state area.
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Fulton Bank Takes Over Republic Bank, Then Closes Locations
Following the shutdown of Republic Bank by the Federal Deposit Insurance Corporation (FDIC) in April 2024, Fulton Bank stepped in to acquire its 32 branches across New York, New Jersey, and Pennsylvania. However, less than a year later, Fulton Bank has decided to shutter multiple locations, citing changing customer habits as the main reason.
“While it’s never easy to close financial centers, we are making these changes to align our services with trends in how customers conduct their banking, including growth in customers choosing to do their everyday banking using our convenient online and digital solutions,” a spokesperson for Fulton Bank explained.
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Fulton Bank to Close 15 Locations in April 2025
Most of the affected Fulton Bank branches will close on April 18, 2025. Two former Republic Bank locations in New York were already shut down in September 2024:
- 90 Fifth Avenue, New York, NY
- 830 Third Avenue, New York, NY
Bank Closures in New York on the Rise
The wave of bank closures is not limited to Fulton Bank. In 2024, nearly 70 bank branches closed across New York State, a trend fueled by the increasing preference for digital banking and cost-cutting measures by major financial institutions.
Below are some of the largest U.S. banks and the number of branches they closed in 2024:
- Bank of America: 132 branches shut down
- U.S. Bank: 101 branches closed
- Wells Fargo: 92 branches shut
- Chase: 90 closures
- TD Bank: 52 branches shut
What’s Next for Customers Affected by the Closures?
With brick-and-mortar bank branches disappearing at a rapid pace, customers are encouraged to shift to online and mobile banking platforms. However, these closures have raised concerns, particularly for older adults and individuals who prefer in-person banking services.
Industry experts suggest that while digital banking provides convenience, customers should be aware of potential downsides, such as increased cybersecurity risks and reduced access to in-person financial assistance.
Final Thoughts: The Future of Banking in New York
The growing trend of bank closures signals a significant shift in the financial industry. While institutions focus on digital transformation, many customers are left navigating new ways to manage their finances. As banks continue to cut costs and streamline operations, only time will tell how this impacts both banking institutions and the communities they serve.
Stay updated with the latest financial news to see how these changes might affect your banking experience in New York and beyond.
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