Come Feb. 15, retail services at Atlantic Union Bank’s 102 S. Main St. location will cease. The bank will maintain a presence in the building as offices for commercial lending, wealth management and home loans will remain open at the location and the ATM will be available.
In a letter to customers with safe deposit boxes at the bank, Consumer Banking Group Executive Shawn E. O’Brien stated that “we have spent several months reviewing our branch network and have made a decision to close our Culpeper Main Branch.”
This takes effect 2 p.m. Feb. 15, when there will be no retail aspect offered at the bank and accounts cannot be opened at the location. Anyone with a safe deposit box at the location is asked to close it no later than Jan. 15.
“We will gladly help you locate another box at a nearby branch and extend an offer for one year free rent for the same size box,” O’Brien says.
The Atlantic Union Bank branches nearest to the Main Street location are at 717 James Madison Highway and 231 Southgate Shopping Center in Culpeper.
According to reports from the American Banker, Atlantic Union announced in November - two months after 14 branches closed - that five more would close in February.
The American Banker article explains that this marks an ongoing trend of banks reducing their branch network – efforts that have increased since the onset of the coronavirus pandemic. Citing S&P Global Market Intelligence data, the article states that banks have closed 1,275 branches in a year-long period beginning in September 2019.
Written comments regarding the closing can be sent to the Federal Reserve Bank of Richmond, P.O. box 27622, Richmond, 23261 or to firstname.lastname@example.org.