Bank Of Oklahoma To Close Grocery Store Branches Across Three States

Wednesday, November 12th 2014, 1:37 pm
By: News On 6

BOK Financial announced Wednesday it is closing 29 grocery store branches across three states by early 2015.

In a news release, BOK said the decision comes as consumer trends lean more towards use of digital banking for everyday transactions and banking center visits for in-person services.

It goes on to say when fully implemented in second quarter of 2015, annual cost savings are estimated to be approximately $7 to $8 million.

“We launched the Instore grocery branch model back in the mid-1990s as a way to add another convenience option for clients who were visiting the grocery store and the bank weekly, or even more often,” said Pat Piper, executive vice president for Consumer Banking.

“Today, the majority of our clients are using mobile and online banking, as well as deposit-friendly ATMs, for the transactions they used to do in these regular bank visits.”

Piper said that while clients aren't coming into branches as often for routine transactions, like deposits and withdrawals, they are coming in to set up accounts, get loans and generally seek financial advice.

“Closing branches is never an easy decision, but like the rest of the banking industry, we have to keep evolving to meet the rapidly changing expectations of our clients,” said Piper.

“And moving into the future that means we need more technological conveniences in our digital offerings and more financial expertise in the banking centers.”

The Bank of Oklahoma branches to close include 24 in Oklahoma, three in New Mexico and two in North Texas. BOK Financial says remaining Instore branches in northeast and central Oklahoma will be relocated in their market areas and stay open until new locations are identified.

Branches closing include 11 in Oklahoma City, 10 in Tulsa and one each in Grove, Ponca City and Stillwater. Branches relocating include four in Tulsa, four in Oklahoma City and one each in Bartlesville and Muskogee.

BOK says about 75 employees will be displaced as a result of the closures.