Written by The Business Journal Staff
The nation’s third-largest bank, Citibank in 2015 announced the closure of nine Central California branches that have since ceased operating, including locations in Visalia, Sanger, Porterville, Kingsburg, Madera and Chowchilla.
Now in a new filing with the federal Office of the Comptroller of the Currency [OCC] dated Oct. 22, Citibank announced plans close another 10 California branches. In addition to the Reedley branch and Fresno branch at First Street and Bullard Avenue (6025 N. First St.), branches in Merced, Stockton, Ventura, Yucaipa, Arcadia, Saint Helena, Banning and Long Beach are also on the chopping block.
The Fresno and Reedley branches are set to close on Jan. 13, 2017, according to the Citibank website. The move is part of a larger industry effort to concentrate operations in large urban areas, and an acknowledgment that online banking is cutting the need for neighborhood branches.
Local banks have been absorbing some of the empty spaces left behind in last year’s round of closures. Visalia-based Suncrest Bank added a branch in Kingsburg and relocated its main Visalia branch to former Citibank locations. Porterville’s Bank of the Sierra also took over a former Citibank space in Sanger.
As of June 30, bank had a 4.02 percent share of the market in Fresno, Kings, Tulare and Madera counties in terms of deposits, for a total of $807 milion, according to the lastest data from the Federal Deposit Insurance Corp.
The bank also had 11 offices in the region.
On June 30, 2014, bank had a 5.17 percent share of the market, with deposits of $935.3 million and 15 offices.
Citibank currently has a branch each in Selma, Hanford and Reedley, as well as eight in the Fresno-Clovis area.