KeyBank said Wednesday that it plans to close two of its 22 Toledo-area branches and consolidate its operations with nearby bank branches.
The financial institution, which is based in Cleveland, said it will close its River East branch at 324 Main St. in Toledo and consolidate its operations at its downtown Toledo branch at 245 N. Superior St. on May 30.
On the same day, KeyBank will close its Colonial Village branch at 4400 Heatherdowns Blvd. and consolidate its operations at the Southwyck Financial Center branch at 1950 S. Reynolds Rd.
Employees at both locations scheduled to close have been invited to apply for positions at other Toledo branches, said Kimberly Kowalski, a KeyBank spokesman.
Ms. Kowalski said that clients with safe deposit boxes the branches to be closed will be contacted and provided with instructions for removing and transferring the contents of their boxes to a new box at any nearby KeyBank branch.
Ms. Kowalski said KeyBank’s decision to consolidate the two locations was “purely a business decision based on customer traffic and should in no way be perceived as a negative reflection on this community or the performance of the excellent employees we have here.” She said the bank will maintain its other 33 branches in northwest Ohio.
Ms. Kowalski said KeyBank does not expect the two closures to affect its Community Reinvestment Act rating.
Passed by Congress in 1977, the Community Reinvestment Act states that regulated financial institutions have continuing and affirmative obligations to provide lending, investments, and other services to low-income and moderate-income neighborhoods traditionally underserved by lending institutions.
Ms. Kowalski said KeyBank has received eight consecutive “outstanding” ratings by CRA examiners, the highest rating a bank can receive.