Aug. 8, 2018 By Tara Law
Sterling National Bank will close its 108-01 Queens Blvd. branch on Aug. 28, the bank’s Consumer Banking President Brian Edwards confirmed Wednesday.
Sterling has two other locations within a mile radius of the branch, with one at 62-72 108th St. in Forest Hills and the other at 97-33 Queens Blvd. in Rego Park, the bank said.
Edwards said that the bank was consolidating its branches based on “client need, usage and trends.”
“When we choose to consolidate locations, a key consideration is the proximity of other locations and the technology clients can use to transact with us,” Edwards said in a statement. “All branch consolidations are communicated well in advance of closing a specific branch.”
Edwards declined to say whether the bank intends to close other branches, noting that it must notify clients and regulators before it becomes public news.
The closure of Sterling’s bank location is part of a nationwide trend. As consumers move in favor of mobile banking and banks invest in automation, banks have moved away from maintaining local branches. About 9,000 bank branches have closed in the last decade, according to the Wall Street Journal.
Sterling National Bank, which dates to 1888, is based in the New York metropolitan area. It is the primary subsidiary of holding company Sterling Bancorp.
The Forest Hills Times was first to report the closure.