SLATINGTON, Pa. — Two KeyBank branches in Slatington will close by the end of 2022, as traditional banking offices nationwide close as digital finance gains.
KeyBank locations at 502 Main St. and 701-705 Main St. will close Dec. 2, according to a bank employee.
The wave of digital banking has hit Slatington, which has a population of about 4,300, hard. Wells Fargo announced earlier that its 541 Main St. branch will close next month.
Wells Fargo noted in a statement in May that physical locations are constantly evaluated “in light of changing customer needs, increased use of digital banking services, market factors and economic trends. “.
In 2021, a KeyBank survey found that 44% of people were “extremely comfortable” with digital banking tools, “reflecting a massive shift to digital” during the COVID-19 pandemic.
“The pandemic has accelerated the adoption of online and mobile banking, and consumers are increasingly comfortable using digital tools to manage their money,” said Jamie Warder, Vice President executive and head of digital banking at KeyBank, in a February 2021 statement.
A KeyBank spokeswoman said the 701-705 Main St. location is the drive-thru of the 502 Main St. branch.
In a statement, the bank described the closure of the Slatington branch and drive-thru as part of its “optimization” of its branch network. Customers will be able to visit the branch at 2971 MacArthur Road in the township of Whitehall.
“KeyBank realizes that the way customers interact with our branches is changing and we have seen a steady increase in customer preference for digital banking services,” the statement said.
The Office of the Comptroller of the Currency, the federal regulator of major banks, posted the planned closings on its website.
Cleveland-based KeyCorp, which operates as KeyBank, had $181.2 billion in assets as of March 31. The bank operates a network of approximately 1,000 branches and 1,300 ATMs.
KeyCorp shares were trading at $18.03 on Monday morning.