-June 8,2021-
Tulare County-based Bank of the Sierra will close 2 branches in San Luis Obispo County as of June 18 including one location in Arroyo Grande and one in Atascadero. The move will leave the bank with 3 locations in the county – in San Luis Obispo, Pismo Beach and Paso Robles.
In April Sierra Bancorp of Porterville said it was planning to permanently close five branches.Besides the SLO County branches, locations in Tehachapi, Sanger and Santa Clarita will shutter.
The $3.3 billion-asset company said in a press release that it will close locations that are outside of its primary market area. The closings, which represent about 12% of the company’s network, will all take place on June 18.
Sierra attributed the decision to “a change in customer behaviors brought about by the COVID-19 pandemic along with an efficiency review.”
Banks have busy closing branches across California this year according to the Comptroller of the Currency. US Bank has shut numerous branches including in Atascadero. B of A has been closing branches as well including in Oakhurst and Atwater. JP Morgan closed this year in Simi Valley and Wells Fargo shut a branch in Ventura.
In other SLO County bank news -The Private Bank has relocated from 711 Tank Farm to 1160 Marsh St in SLO, formerly Wells Fargo Advisors.
Banks closed a record 3,324 branches nationwide in 2020, and opened 1,040, for a net loss of 2,284 branches ,according to S&P Global Market Intelligence. Some fear the loss of more brick and mortar locations due to bank mergers and a shift to online banking services during the pandemic.