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Citibank to Close Five Wichita Falls Area Branches
On Thursday morning, Citibank Spokesman Andrew Brent, told KFDX the closings are part of the financial institution's marketing strategy that focuses on larger cities.
Brent says rural branches do not fit that strategy.
According to Deposit Market Share data provided by the FDIC, as of June 30, 2013, the six Citibanks in Wichita County, which include three in Wichita Falls, one in Iowa Park, Burkburnett and Electra, accounted to over $115 million in deposits.
Local bankers say customers will have to decide if they want to continuing banking with Citibank or take that money elsewhere.
Fidelity Bank President and CEO Tommy McCulloch says Citibank's decision to close its branches in rural areas creates a good opportunity for local banks.
McCulloch says, "We've actually had two of their Citibank customers open accounts with us today so we hope to get more tomorrow and next week and the week after."
In addition, Executive Vice President of Union Square Federal Credit Union Pat Murray says he hopes to get some of those customers.
Murray says local financial institutions are tailored at helping Texoma customers.
"That is what we do. That is our business plan," Murray says. "That is our sole marketing plan. It's a win win situation for people in Wichita Falls and local financial institutions when we choose to have that partnership."
Brent says the branches will close in June but there is no word of selling the branches to other banks.
A procedure McCulloch says is common.
"A lot of times you sell a customer base to another bank but I don't think; I know they didn't approach us asking if we would like to buy them. We probably would have had an interest in buying them," McCulloch says.
Also, McCulloch says while some of Citibank's employees may be able to find jobs at other banks, most of them will likely lose their jobs.
"I feel bad for the employees," McCulloch says. "It's never good to lose your job and that's the bad part of it. The customers, they'll take care of themselves."
Some of the customers we talked with say they had no idea Citibank was closing its branches.
At the moment, it's not known if other branches in Texoma will close, including those in Electra, Graham and Bowie.