Capital One will close its Jacksonville Branch in October and one of its three Tyler locations in December, as the company revamps its business model and adjusts to the digital economy.
One Tyler Capital One Branch, at 7601 South Broadway Ave., will remain open, as well as a drive-up location at 4321 New Copeland Rd.
“As Capital One continues to evolve and optimize our branch network in response to changing customer preferences and to ensure we’re operating as efficiently and effectively as possible, decisions are made to open, renovate, and in some instances, close or relocate branches,” spokesperson Amanda Landers said via email on Thursday. “We regularly review our entire network. The decision to close these branches was difficult and one that our bank leaders did not take lightly. We recognize the effect that this decision will have on our customers and associates.
The company has been notifying customers of the changes.
“We’ve been encouraging customers to give us a call or stop by before their branch closes to ask us any questions,” she said. “We can show them the available options to bank at any time with Capital One through Online Banking and Bill Pay, and Mobile Banking. We’re also giving customers incentives to try out different ways of banking, such as using the ATM to make withdrawals or deposits, and using their smartphones to deposit a check. We’ve improved options for customers to take care of basic banking needs when the branch is closed, and we’ll continue adding tools for people who want to bank at home or on the go.”
According to the Washington Business Journal, Capital One is revamping its business model to match the way customers do business in a digital age - with a greater emphasis on online banking and the use of the Capital One app.
“Capital One Financial Corp. plans to spend $160 million this year closing some branches and renovating others,” Andy Medici wrote for the Journal. “Capital One CEO Richard Fairbank said in a recent earnings report the bank is accelerating its efforts from 2015, when it spent about $50 million on branch closures and renovations. The bank spent $11 million in the first quarter of 2016 on what Fairbank said is a response to customers becoming increasingly used to a digital experience.”
Bank employees at the locations slated to be closed will be offered positions at other branches, Ms. Landers said.
“They will be able to post for roles at other Capital One locations and are receiving extensive career transition support,” she said. “Additionally, all impacted associates are eligible to receive a severance package, including retraining assistance and outplacement services.”
Tyler Morning Telegraph