Citibank, which aggressively entered the Boston market six years ago with dozens of new branches, plans to close nearly one-third of its local offices next year.
The New York-based bank will close nine of its 31 branches in Massachusetts on March 15, according spokeswoman Catherine Pulley.
The bank declined to identify which branches are closing since it has yet to notify customers, something it plans to do next month. But Pulley said the bank would maintain its offices in Boston and nearby communities and shutter locations farther from the city. The bank currently has some branches more than 20 miles from Boston, including Andover, Marlborough, North Andover, and Sudbury.
“Citibank will maintain a significant branch network presence in the city of Boston, as our strategy is to serve clients with excellence throughout the world’s top cities,” Pulley said. “Like any business with a retail footprint, we are continually acting on opportunities to optimize our branch network, which includes opening, renovating, and in some instances closing or relocating branches. Boston remains a key US market for Citibank.”
Meanwhile, TD Bank, the fourth largest retail bank in Massachusetts and one of the largest regional banks, said Wednesday that it plans early next year to close 21 East Coast locations, including one in Hadley and another on Broad Street in Boston’s Financial District.
Nationwide, banks have closed hundreds of branches in recent years to become more efficient and absorb the cost of the weak economy, bad loans, growing regulation, and ultra-low interest rates. In addition, many customers are increasingly banking online or through ATMs, allowing banks to reduce the number of branches.
Bank of America, the largest bank in Massachusetts, last year announced plans to close 750 of its branches across the country. The bank has already closed more than a dozen branches in Massachusetts and plans to close its East Freetown branch in March.Todd Wallack can be reached at firstname.lastname@example.org. Follow him on Twitter @twallack.