Seacoast Bank, TD Bank among companies to close local branches

TD Bank and Seacoast Bank are closing branches at 2859 S. Delaney Ave. in Orlando and 4250 S. Washington Ave. in Titusville, respectively, according to two Dec.16 filings with the Office of the Comptroller of the Currency.

Stuart-based Seacoast’s (Nasdaq: SBCF) branch closure comes as it also filed advance notices for locations at 2055 Palm Beach Lakes Blvd. in West Palm Beach and 1601 E. Oak St. in Arcadia. Chuck Shaffer, president and COO, said in an emailed statement to Orlando Business Journal the Titusville location will close in March 2021.

“When we consolidate branch locations, we redirect those investment dollars to make improvements in customer satisfaction,” Shaffer said. “Our goal is to retain and grow customer relationships even if we have to go above and beyond to do so.”

Banks were already considering their retail footprint prior to the Covid-19 pandemic, but that has been sped up by both the virus and the continued increase in mobile banking, Tony Villamil, founder and senior adviser of Coral Gables-based Washington Economics Group, previously told OBJ.

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“There will be less demand for jobs in retail banking than in the past,” Villamil said. “That is a major trend in the financial services industry.”

As of June 30, TD Bank was the 10th-largest bank in Orlando by local deposit share with $1.18 billion in deposits and 12 branches, according to the Federal Deposit Insurance Corp.

Seacoast was the seventh-largest bank in Orlando by deposit share with $1.72 billion in deposits and 13 branch locations as of June 30.

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