In a move that will reduce its southeastern Pennsylvania and South Jersey footprint by 35 percent, Santander Bank plans on closing 18 branches, including one in Chester County, writes Jeff Blumenthal for the Philadelphia Business Journal.
Two of the branches are in the Philadelphia region, including the one at 50 W. Market Street in West Chester and another in Philadelphia’s Fairmount section.
When asked about its future retail branch strategy and Philadelphia region’s place in it, the bank stated that it “continues to refine its branch footprint and retail presence, including introducing new formats and investing in digital capabilities to better accommodate our customers and meet their evolving needs.”
The bank already closed a Blue Bell branch earlier this year.
According to the FDIC’s annual deposit data as of June 30, Santander operated 49 branches and held $7.8 billion in deposits across southeastern Pennsylvania and South Jersey.
This accounted for a 3.8 percent market share, placing the bank at seventh in the region.
Read more about Santander Bank closing its W. Market Street location and others in the Philadelphia Business Journal.
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