KINGMAN – The Bank of America branch at 2307 Stockton Hill Road will close July 31, and all employees and customers have been notified, a bank spokeswoman confirmed Wednesday.
The number of employees and customers affected by the branch closure could not be released, Bank of America spokeswoman Tara Burke said from Connecticut.
The ATM will remain in operation at the branch location.
“I’ll probably have to find another branch somewhere,” said Dianne Anbardan, a Bank of America customer for more than 30 years who was surprised to learn her local branch was closing. “They won’t close all of them. I’ll have to move my safe deposit box and stuff like that, let alone the accounts.”
Thousands of banks across the nation have closed their doors in a downsizing that started with the financial crisis 10 years ago and continued with the increasing use of online banking.
Wells Fargo announced in March that it would be closing its downtown branch at 302 E. Beale St., effective June 13, one of about 900 branches the bank plans to close by 2020.
“Customers’ banking behaviors have changed over the years,” Burke said. “Many customers bank online and through digital channels. More and more people, it’s just such an unbelievable uptick in mobile users.”
Bank of America has nearly 35 million digital customers, and 24 million mobile customers, she noted. The bank takes 330,000 check deposits a day through mobile devices.
“It really is convenient. People want their bank in their pocket and in the palm of their hands,” Burke said.
Anbardan said she prefers to bank in person, even though she has the ability to bank online. She prefers to have her receipts in hand.
“I just don’t like using the computer,” she said. “You end up standing in line for a while, but older people especially like to come into the bank, even if they have computers and smart phones.”
The banking industry is scrambling to cut costs and keep up with technology, forcing the giants like Bank of America, Wells Fargo and Chase to reduce their brick-and-mortar presence.
Bank of America Chief Executive Officer Ken Lewis described a plan at an investors’ meeting in Charlotte, North Carolina, to cut 10 percent of the bank’s branches, according to ABC News.
Employees at the Kingman Bank of America branch were provided an overview of the severance package for eligible employees, based on years of service and “band level” for support and resources.
The formula generally provides two weeks of pay for each year of service, with a maximum of 52 weeks. Employees with 20 or more years of service will receive a third week of pay for each year, up to 78 weeks of pay.