FERNDALE, Wash. — Ferndale KeyBank branch customers report having received a letter from the company informing them that their branch will close June 11th. The branch is located at 2081 Main Street.
The letter informs customers their accounts will be automatically transferred to the bank’s Meridian Village branch located on Telegraph Road in Bellingham. This is being referred to as a consolidation of the 2 branches. Safe deposit box customers can expect additional information according to the letter.
In January, the company announced it would be closing over 70 branches nationwide this year, about 7% of the total number.
A company spokesperson told My Ferndale News via email that Ferndale is 1 of 3 branches “consolidating” at this time in Washington state. The other 2 are in Bremerton and Tacoma.
When asked why the Ferndale branch was closing, the spokesperson said, “We learned our clients do not use just one channel to interact with Key, they leverage them all: Branches, Contact Center, Digital, Mobile and through our ATMs. We also take other factors into consideration when we decide to consolidate a branch, such as market opportunity and client traffic.”
As for current Ferndale branch employees, the spokesperson said, “Whenever we consolidate a branch, our top priority is to place affected employees in positions at other nearby KeyBank branches. If we are not able to do that, employees are also encouraged to apply for open positions at branches in the market.”
The company said there was no information regarding the building’s future they could share at this time.
Ohio-based KeyBank is ranked 5th in Washington state based on total deposits according to the Federal Deposit Insurance Corporation (FDIC) June 2020 Deposit Market Share Report. The FDIC also reports the company has 149 branches in the state. Washington has the 3rd-most KeyBank branches behind New York (269) and Ohio (203).