Capital One Financial Corp. will close two of its local branches later this year, a company spokesperson confirmed to the Source.
“The banking industry’s delivery model is being re-shaped in response to customer demand, and Capital One is also evolving to address that need,” the spokesperson said in a statement emailed to the Source. “Our banking model is balancing digital and in-person options to align with customer behavior.”
The closings are part of a national trend for the company as well as other banks.
For example, banks and thrifts closed 371 branches during October 2020, according to S&P Global Market Intelligence. The report does not include temporary closures, such as those caused by the COVID-19 pandemic.
Capital One closed the most branches that month, shuttering 68. Wells Fargo closed 61, the second most nationwide, the report said.
Locally, Capital One closed its branch on University Boulevard in Four Corners in the fall of 2019, though the ATM still operated until early last year.
Capital One’s full statement reads:
“Customer preferences and how they manage their money and interact with banks is changing. The banking industry’s delivery model is being re-shaped in response to customer demand, and Capital One is also evolving to address that need. Our banking model is balancing digital and in-person options to align with customer behavior.
“Our customers are increasingly engaging with us digitally. We continue to see steady growth in mobile banking, online banking, enhanced ATMs, remote deposit capture, etc., however, we know that many customers still value some physical presence to provide assurance, advice, and the ability to facilitate and support some transactions. We do too. Our goal is to deliver a compelling and optimal customer experience across all channels, not just one.
“Branches are being re-shaped throughout the industry to meet customer demand for more simple, convenient and online services. We too are adapting our delivery model, balancing digital and in-person options to align with customer behavior.
“We recognize the importance of ensuring that the evolution of banking doesn’t inadvertently leave someone behind. We believe that digital products and tools can provide a more tailored, personal and accessible service for customers—and will ultimately increase access—and we will continue to focus on bridging digital and other barriers to ensure everyone has access to the banking system.”
The branch at 8315 Georgia Ave. remains open, along with a number of area ATMs.
Google StreetView captured June 2019