-September 15,2021-
Add the JP Morgan Chase Bank branch on Madonna Road in San Luis Obispo to the list of brick and mortar financial institutions who are shutting their doors -at least to in-person customers.
An announcement that the branch would close at 445 Madonna Rd was published this week. The location is “temporarily closed”’ now, says the company website. The Ohio-based bank still has a branch in Downtown San Luis Obispo.
The Chase location in the Promenade Shopping Center is newsworthy is well with several other businesses in the center that have closed recently. They include the Dollar Tree and Tahoe Joe’s, now added to the empty Home Town Buffet and Applebee’s among others. Think of it as one more vacant space added to the inventory.
Banks have been permanently shutting down branches for years, but the pace of closures hit a record in 2020 with the pandemic accelerating the move to online banking.
Earlier this month this newspaper reported a planned closure of the Mechanics Bank (former Rabobank) branch in Cayucos – the only bank in town.
Banks closed 3,324 branches last year, according to a list published by S&P Global Market Intelligence.