KeyBank will close four Maine branches in June
KeyBank, one of the nation's largest bank-based financial services companies, said Monday it will close four Maine branches on June 2.
Branch offices in Freeport, Bath, Rumford and Skowhegan branches are earmarked for closure, according to Karen Crane, senior communications director for the Cleveland-based bank.
Clients of these branches were notified in February.
The bank did not provide specifics on why the branches were closed, but cited changes in customer behavior and strength in the marketplace.
“How clients interact with our branches continues to change at a rapid pace, with the majority of banking transactions now occurring digitally,” said Crane. “Like any bank does, KeyBank continually reviews the structure of our branch network to maintain a strong position in the marketplace, meet the specific needs of our clients and to meet business needs. With our strategically located branches, our expanded ATM network through our partnership with AllPoint, and our strengthened digital capabilities, we are focused on offering more convenience to our clients and providing them with exceptional service.”
Crane said that affected employees will have the opportunity to transfer to other branches and positions within Key.
KeyBank is owned by KeyCorp. (NYSE: KEY), a Cleveland-based financial services company with assets of $189.8 billion as of Dec. 31, 2022.
In Maine, KeyBank has the fourth-largest market share, according the Federal Deposit Insurance Corp., behind TD Bank, Bangor Savings and Camden National Bank. As of June 30, 2022, the latest data available, KeyBank had $3.061 billion in Maine deposits and 36 offices, for a 7.16% share of the Maine market.
Retooling
The branches are the first in Maine to be closed by KeyBank since spring 2021.
- In March 2021, KeyBank closed its Boothbay Harbor and Camden branches. The Boothbay branch was consolidated into the Brunswick branch and the Camden branch was consolidated into the Rockland branch.
- In May 2021, Keybank closed its Springvale and Ogunquit branches. Both were consolidated into the Kennebunk branch.
- In 2019, branches in Bethel, Guilford, Winthrop and Wilton closed and were consolidated with branches in nearby towns.
Customers can transact at any KeyBank branch and through Key’s other banking channels — ATMs, telephone banking at 1-800-KEY2YOU, online banking via the internet at key.com and mobile banking with the KeyBank Mobile App.
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