Capital One is closing its branch at 830 Jefferson Avenue, which sits at the corner of Magazine Street and Jefferson Avenue. The branch will permanently close May 16, 2014.
In a written statement, Capital One cited the reason for closing as a “way to keep costs down so we can keep our fees and rates competitive.”
The closing of the branch location, which sits in the relatively affluent uptown neighborhood, comes just after the bank opened a brand new 6,000 square foot branch at 2700 S. Claiborne Avenue as part of the Magnolia Marketplace Development. The Claiborne location serves the impoverished Central City neighborhood.
Banks around the nation have been closing branches, citing expensive operational costs and the fact that online banking now accounts for more than 50% of banking transactions, compared with 14% for in-branch visits, according to research from AlixPartners.
With retail booming, the Fitzgerald and Hubble families, the owners of 830 Jefferson, should have no trouble re-leasing the prime corner location. Rents are higher than $35/sf in that area of Magazine, and the rare corner lot with plenty of parking should drive the rent even higher.
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