Regulatory filing shows UMB plans to close West Street branch
01/31/2014 10:45 AM
01/31/2014 5:18 PM
UMB Bank said Friday that it plans to close one of its three branches in Wichita.
Officials from the Kansas City, Mo.-based bank said they plan to close the branch at 2333 S. West St. on April 25.
UMB said in a statement e-mailed to The Eagle the branch was identified for consolidation following an analysis of customers’ needs and use of the facility.
“Our customers are expanding their use of technology and e-tools to conduct their banking services; therefore, it isn't necessary to have as many banking centers clustered in nearby areas,” the statement said. “We are committed to the Wichita market and to making this transition as seamless as possible.”
The branch has three employees, and the bank said in a statement that those employees have been encouraged to apply at UMB’s other Wichita branches.
Gil Trout, chairman and CEO of UMB’s Kansas and greater Missouri regions, deferred comment to the statement.
UMB’s two other Wichita branches are at 130 N. Market and 444 N. Rock Road. Its West Street branch is the newest of the three.
The West Street branch, which UMB opened in August 2005, had $5.8 million in deposits as of June 30, 2013, according to the most recent data available from the Federal Deposit Insurance Corp.
The branch is one of three bank branches in the 67213 ZIP code and ranks last in market share, according to the FDIC.
Wells Fargo has the most market share in that ZIP code, with $63 million in deposits, or 52.4 percent of deposits, followed by Bank of America, with $51.5 million in deposits, or 42.8 percent of deposits.
Industry experts say a profitable branch generally has between $25 million and $35 million in deposits.
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