Five Star Bank To Close Lakewood Branch In January
LAKEWOOD — Five Star announced its plans to close its Lakewood branch by next year.
The village branch is located at 284 E. Fairmount Ave. and will officially close by Jan. 15, 2021. In a news release, the Warsaw-based bank announced it a “transformation designed to enhance customer experiences and facilitate long-term sustainability, driven by changes in shifting customer needs and preferences.”
The decision is part of a shift by customers to bank virtually. The bank said its in-branch teller transactions have declined by 6% each year since 2018 and similarly in the first three months of 2020.
“As we continue to focus on delivering an exceptional customer experience, we recognize the need to adapt our approach as market conditions change,” said Martin K. Birmingham, Five Star Bank president and CEO. “A comprehensive data-driven market analysis of our entire branch network resulted in the difficult decision to close our Lakewood branch. Although this physical location is closing, we look forward to serving our valued customers with products and services designed specifically for them.”
Five Star Bank said it remains “committed to its Lakewood branch consumers and businesses.”
Letters have been mailed to all Lakewood branch customers that outline services and support available to assist them with the transition. In-branch seminars will be offered over the next 90 days to help customers become familiar with digital capabilities and assist with enrollment in Five Star Bank Digital Banking. Zoom sessions, interactive tutorials and user guides will also be available.
In addition, relationship managers will be reaching out to all business customers to discuss their individual needs. Business customers may also sign up for digital solution workshops that will be offered at the branch.