Cadence Bank at 120 N. Lehmberg Road will soon be closed, and with it, 34 other branches across the country.
Cadence announced the closing of those branch locations on April 25 with its 2023 first quarter review.
Cadence Corporate Communications Manager Sheena Cochran told The Dispatch all 35 branches will close on July 31. None of the other Cadence branches in the Golden Triangle will close, she said.
“While branches remain an integral part of customer choice, constantly evolving innovation in community and retail banking has provided customers with more choices and convenient ways to access banking services – in person, online, via mobile, by telephone, and via ATMs and ITMs,” she said.
Those branches’ customers will have full service at Cadence’s neighboring branches. For those in Columbus, those locations will be Cadence Bank on 803 Main St. and its other branch locations at 2220 Hwy. 45 N. and 3601 Bluecutt Road. Other Cadence locations in the Golden Triangle include three in West Point and Starkville, respectively.
In the first quarter review, the company said “lower-performing branches continue to be a focus” for the company, and that the consolidation of branches will help to encourage customers to use more technology such as ATMs and online banking options. Cadence previously closed 17 other branches in the fourth quarter for similar reasons.
The strategy will also save the company between $15 million and $20 million, the report reads.
“Branch optimization creates a stronger and more efficient branch network by aggregating customers to other nearby branch locations and through continued migration to remote banking and digital channels,” the company wrote in its presentation. “… Strong customer account retention was achieved despite physical closures while minimizing customer, community and teammate impact.”
Management at Cadence’s Lehmberg branch did not return calls and messages left by The Dispatch.
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Quality, in-depth journalism is essential to a healthy community. The Dispatch brings you the most complete reporting and insightful commentary in the Golden Triangle, but we need your help to continue our efforts. In the past week, our reporters have posted 33 articles to cdispatch.com. Please consider subscribing to our website for only $2.30 per week to help support local journalism and our community.
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