Mineral Wells Index, Mineral Wells, TX

March 26, 2014

Local CitiBank branch closing


— By TODD GLASSCOCK

Mineral Wells CitiBank is set to close June 27, one of about 50 of the bank’s branches to close throughout Texas, a spokesman said.

A CitiBank spokesman said the closure is a result of changes in market strategy with the financial group shifting focus on major cities.

Branches in cities such as Dallas and Houston will remain open and non-branch ATMs will remain available.

The announcement of the closure has led many local customers to switch banks rather than have their CitiBank accounts managed by branches in Dallas or other larger cities. 

“We’ve had quite the influx of customers,” said Dacey Malone, executive vice president of Titan Bank. “They are looking for convenience.”

She said customers changing over from CitiBank have switched because their accounts were being moved to branches such as Coppell or Dallas.

Brad Wilkerson, senior vice president of Community National Bank and Trust, also has seen customers switch from CitiBank because of the closure, several citing the inconvenience of accounts transferred to Dallas or elsewhere, as well as the loss of a personal touch.

“Most people are looking for face-to-face relationships,” he said.

FDIC deposit market share data shows that as of June 30, 2013, the Mineral Wells CitiBank branch had more than $21 million in deposits.