NEWARK -- Park National Bank announced the closure of four branch offices in the Newark-Heath area and a total of 21 branches in 13 Ohio counties and one North Carolina county on Sept. 30.
The Licking County closures are at Eastland, 1008 East Main St., Dugway, 1495 Granville Road, and Kroger Marketplace, 1155 North 21st St., all in Newark, and Southgate, 567 Hebron Road, Heath. Park does not own any of the four sites. The Eastland, Southgate and Kroger locations have no drive-through service.
The bank stated it plans to keep the ATM at the Eastland location and hopes to retain an ATM in the Dugway area. It also stated it aims to continue having on-site services available in a majority of locations closing, including the Kroger sites.
The closures represent typical annual business decisions as customer usage patterns change, the bank stated. Service area overlap, lower transaction volume, customer behavior trends and operating costs are primary reasons most financial institutions reduced offices in the last decade, Park stated.
"Our banks continue to add new customer relationships, but more people rely on digital banking services and our other offices to conduct their regular banking," Park National Chairman and Chief Executive Officer David Trautman said. "While our values and service promises remain steadfast, our branch office footprint needs to better align with customer preferences and demand."
The closures will lower annual operating expenses by about $6.5 million. Park has 115 branches.
Bethany Lewis, marketing and communication director for Park National Corporation, said the local bank division presidents made the decisions in each community, such as Fairfield National Bank in Lancaster and Century National Bank in Zanesville.
The division presidents and other leadership group members annually evaluate each office. Over the last five years, they have opened six new offices, moved seven offices, and closed 14 offices. The recent closings were selected due to proximity to nearby Park National Bank offices or because customer usage volume did not support maintaining a traditional banking office, Park said.
“We’re confident in our ability to uphold our service promises and local support in these communities,” Trautman said. “We also continue to explore options and ideas to devote our resources toward the best service for our customers today. We’re analyzing opportunities for new or relocated offices. We are upgrading our ATMs and mobile banking apps, and enhancing debit card technology over the next year.”
The bank also stated it is working with local business and community leaders to help determine options for facilities in the future, and is exploring plans for developments like enhanced ATM stations or re-purposing a space in partnership with community organizations.
It is not yet known how many full-time or part-time Park employees at the 21 locations will remain with the corporation, Lewis said.
"Our associates are part of our bank family, and we’re proud of how they’ve served our communities," Lewis said. "We will take care of our associates and customers, even as we’ve decided that facility no longer meets the needs of that area.
"Some are considering retirement, some are in college and expected a schedule change in the new school year, some are interested in transferring to another department within the bank, and some will choose the severance package in the fall."
Park National Bank, a subsidiary of Park National Corporation, reported net income of $25.9 million for the first quarter of 2020, a 2.9 percent decrease compared to $26.7 million for the same period of 2019. Headquartered in Newark, Park National Corporation had $8.7 billion in total assets, as of March 31.
kmallett@newarkadvocate.com
740-328-8545
Twitter: @kmallett1958
Park National Bank closures
Following are 21 Park National Bank branch closures, from eight banking divisions, scheduled for Sept. 30.
Office, County
Perrysville, Ashland
West Chester, Butler
Monument Square, Champaign
Medway, Clark
Milford, Clermont
Meijer, Fairfield
West Fair, Fairfield
Canal WInchester, Franklin
Kroger Gahanna, Franklin
Lake Norman, Iredell (N.C.)
Dugway, Licking
Eastland, Licking
Kroger Marketplace, Licking
Southgate, Licking
Plain City, Madison
Caledonia, Marion
Prospect, Marion
Kroger Maple Ave., Muskingum
Butler, Richland
Kroger Lexington, Richland
Springboro, Warren
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