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Banks are not closing branches fast enough to keep up with the exodus to online banking. The percentage of branches with low transaction volume is on the rise, according to a new study. Bankers say they are on the case, but there are obstacles to simply hanging a "closed" sign on the front door.
November 6 -
Most people agree there are too many branches, but when a recent research report suggested exactly how many (lots) each bank should cut, bankers circled the wagons.
June 18 -
BOK Financial in Tulsa, Okla., reported quarterly earnings that held steady as higher fee revenues offset rising operating expenses.
October 29
BOK Financial in Tulsa, Okla., will close or relocate all of its branches inside grocery stores in New Mexico, Oklahoma and Texas in a move it says will reduce overhead by $7 million to $8 million a year.
The $29 billion-asset BOK will
The majority of BOK's customers now handle the same transactions that they once conducted at in-store branches by using online banking, mobile devices or enhanced ATMs, said Pat Piper, executive vice president for consumer banking.
BOK will close 24 locations of its Bank of Oklahoma division in Oklahoma City, Tulsa and three other Oklahoma cities. The branches to be closed are located inside various retailers, including Wal-Mart, Buy for Less, Crest, Food Pyramid, Homeland and Reasor's.
Additionally, BOK will close three locations of the Bank of Albuquerque located inside Albertsons stores in New Mexico, and two locations of the Bank of Texas inside Albertsons and Kroger in the Dallas-Fort Worth area.
Separate from the closing of 29 branches, BOK will relocate an additional 10 in-store branches in Oklahoma to new locations in the same markets.
