Fulton Bank Closures and Banking Changes Explained

Fulton Bank closures have been making headlines, leaving many customers wondering what's next. Fulton Bank, a subsidiary of Fulton Financial Corporation, has announced plans to close over 100 branches across the Mid-Atlantic region.

The bank's decision to close branches is largely due to a shift in consumer behavior, with more people turning to online banking and mobile banking apps. As a result, Fulton Bank is consolidating its operations to focus on digital channels.

Many customers will be affected by these closures, with some branches closing as early as 2023. If you're a Fulton Bank customer, it's essential to stay informed about the changes and plan accordingly.

Fulton Bank is offering various alternatives to help customers navigate the transition, including online banking, mobile banking, and a network of partner banks.

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Fulton Bank is closing a significant number of branches across Pennsylvania, New Jersey, and Maryland.

The bank plans to close 21 locations by January 8, 2024.

Fulton Bank's board of directors approved the plan on September 29, 2023.

The affected locations will have operations folded into nearby branches.

For example, the bank is closing its branches at 3301 Easton Ave. in Bethlehem Township and at 1323 Grape St. in Whitehall Township, both of which are in the Lehigh Valley.

These branches will be consolidated into nearby locations, with another branch within about three miles.

Fulton Bank expects to reduce annual operating expenses by about $7 million with the closures, starting in the first quarter of 2024.

The bank will have a total of 202 locations across its five-state footprint after the closures occur.

Here's a list of some of the locations being closed:

It's worth noting that Fulton Bank is not the only bank to close branches in recent years.

Banking Changes are afoot, and it's affecting New Jersey hard in 2024. Online banking has reduced the need to visit a physical branch office.

Many transactions can now be completed online or on a phone-based app, making physical branches less necessary. This shift is a big reason why banks are consolidating and closing locations.

Fulton Bank acquired the assets of the failed Republic First Bank in April, which included 32 branch offices.

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Fulton Financial Corp. absorbed the assets of Republic Bank after federal bank regulators seized it in April.

The merger led to Fulton closing 13 of its own branches that had become redundant.

Fulton will save $8 million a year by closing these branches.

The number of U.S. bank branches peaked at around 100,000 in 2009 but fell below 80,000 by last summer.

This decline is due to mergers and consolidations, as well as consumers using smartphones and laptops to access their money.

Fulton is closing its branch at the Comcast Center, leaving customers to the branch at 16th and Market.

The company is also closing its branch at 8000 Frankford Ave., leaving another at 7300 Frankford.

Fulton will close its branch at Broad Street and Girard Avenue, but has others open in nearby neighborhoods.

The bank is closing one of its three branches on Street Road in Bensalem, Pennsylvania.

Fulton is closing two of its five branches in Cherry Hill, New Jersey, among other locations.

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