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Capital One to shut 37 branches across US

Capital One Financial Corp. is closing 37 bank branches across the U.S. as the bank works to reconcile its traditional banking business with a customer base that is increasingly moving online. 

Capital One filed the bank branch closings with the Office of the Comptroller of the Currency and also confirmed the filings to Mobile Payments Today. 

"Customer preferences and how they manage their money and interact is changing," a Capital One spokesman said via email. "The banking industry’s delivery model is being reshap’ed in response to customer demand, and Capital One is evolving to address that need."

The spokesman said Capital One customers are increasingly using digital banking methods, as use of mobile banking, online banking, enhanced ATMs, remote deposit capture and other methods. 

He acknowledged however that many customers still value physical branches for assurance, advice and to provide support for certain transactions.

"We recognize the importance of ensuring that the evolution of banking doesn’t inadvertently leave someone behind.

Cover image: iStock