PROVIDENCE – A standalone Citizens Bank branch at 275 Newport Ave. in East Providence is among the 15 branches Citizens Financial Group Inc. is closing in six states, according to filings with the U.S. Office of Comptroller of the Currency, a bank regulator.
Aside from the East Providence branch – which Citizens says will close on Jan. 22 – there are no other Citizens branches in Rhode Island or Bristol County, Mass., slated for closure.
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There are four branches in Massachusetts due to be closed: one each in Bellingham, Belmont, Burlington and Hyde Park. Six branches will close in Pennsylvania, two in Michigan and one each in Nashua, N.H., and Ohio.
Citizens has been shrinking its branch footprint in Rhode Island for years as it has bolstered its digital and online services. In 2014, Providence-based Citizens had 82 offices in Rhode Island. After the latest closure, it will have 53.
Still, the downsizing of branches has had little effect on Citizens’ deposit market share in Rhode Island. It has maintained around a 36% share of deposits in the Ocean State over the last decade.
Meanwhile, the next-largest bank in Rhode Island – Bank of America Corp. – has 25 offices and a 20% deposit market share.
“We’ve been on a journey at Citizens to evolve how our customers bank with us, and we continually review customer patterns to evolve and adjust branch strategy across our network,” the bank said in a statement. “We look forward to continuing to serve customers through our neighboring branches on Newport Avenue [at 800 Newport Ave. in Pawtucket] and East Avenue in Pawtucket, both about two miles away, as well as through our online and mobile banking platforms.”
In 2020, Citizens closed about 40 branches in Rhode Island and Massachusetts that were located in Stop & Shop supermarkets. Seven of the latest closures in the six states were branches located in grocery stores, although the 275 Newport Ave. location was a standalone branch.
“Branches remain a key part of our overall strategy to help customers bank when, where and how they prefer, and we remain committed to supporting and engaging within the communities we serve,” the bank said.
Citizens said it is encouraging employees who work at the closing branches to apply for open positions at the company.
“We will work closely with them to ensure they are aware of all their options up to the date of closures,” Citizens said.
