We find ourselves in the middle of one of the greatest wealth transfer periods of all time. Those with wealth must decide whether they want to make transfers, and if they do, they must decide how much, to whom, when and in what structure?
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The Lakewood-based bank began opening this type of branch in 1989, according to Northern Colorado market president Pat Brady, and as the banking world shifts, the “grocery store branches” are making less strategic sense.
Online banking is becoming more prevalent, Brady said, and closing the branches will allow for expenses to be saved and better used elsewhere.
None of the closures will take place in Northern Colorado, but all 12 are at branches in other parts of the state. Firstbank is also planning to open branches in Aurora and Glenwood Springs, as well as one in Chandler, Ariz.
Employees in the impacted branches will be absorbed by other locations, and deposits will be moved to other branches. Each grocery-store branch employed between four and six people and held $10 million to $20 million in deposits, according to Brady.
FirstBank has approximately 125 branches in Colorado, Arizona and California.