New Jersey braces for more bank closures

💸 South Jersey Bank to close nine branches

💸 Dozens of bank branches have closed in New Jersey this year

💸 Online banking has reduced the need to visit a physical branch office

A Pennsylvania-based bank has announced the closure of 13 branch offices including nine in New Jersey.

It's the latest in a wave of closures that has hit New Jersey hard in 2024.

Financial analysts say with most transactions now able to be completed online or on a phone-based app, fewer branches are needed.

The consolidation of banks is also leading to closures.

In April, Fulton Bank acquired the assets of the failed Republic First Bank, which included 32 branch offices. Many of the announced closures are for former Republic First locations.

A year of consolidations

The New Jersey Department of Banking and Insurance lists on its website no fewer than 10 requests from various banks to close branches in 2024.

Among the biggest number of closures comes from Provident Bank after a merger with Lakeland bank earlier this year. As a result of that merger, 22 branches throughout New Jersey are being closed.

In a statement posted on their website, Provident Bank said the decision was made after a "careful and thorough review of our combined branch network" and branches were closed in areas where multiple branches were located and "a single location can serve all of our customers."

TD bank also recently announced it was closing a branch in Roseland.

Other banks to announce closures this year include: First Commerce, Somerset Regional, Gateway First, Mid Penn, BCB and Truist Banks.

This Fulton bank branch in Cherry Hill is among 9 closures announce in New Jersey for 2024.
(Google maps)

Which Fulton Bank branches are closing?

A spokesman for Fulton Bank told the Philadelphia Business Journal that the bank is currently notifying customers of the branches being shuttered and providing recommendations for other nearby locations they can use.

The New Jersey closures include:

✔ 1460 E. Marlton Pike (Route 70), Cherry Hill
✔ 514 N. Kings Highway, Cherry Hill
✔ 1302 Route 38, Hainesport
✔ 195 Greentree Road, Marlton
✔ 6 Haddonfield-Berlin Road, Voorhees
✔ 153 Bridgetown Pike, Mullica Hill
✔ 303 Egg Harbor Road, Sewell
✔ 201 N. Route 73, West Berlin
✔ 1101 Tilton Road, Northfield

In addition to the closures in New Jersey, the following locations in Pennsylvania will also be closed:

✔ 1701 JFK Blvd. in Center City, Philadelphia
✔ 1220 N. Broad St. in North Philadelphia
✔ 8000 Frankford Ave. in Philadelphia
✔ 2100 Street Road, Bensalem

It is not clear how many bank employees will be affected by the closures. Fulton Bank has about 2,000 employees.

Restaurants that closed in New Jersey During 2023

Here are some of the restaurants that closed their doors around New Jersey in 2023 listed alphabetically. Did your favorite restaurant close in 2023? Contact reporter Dan Alexander at Dan.Alexander@townsquaremedia.com.

Gallery Credit: Dan Alexander

Another NJ Friendly's restaurant closed: Here's how many are left

Although the Marton, NJ, Friendly's has been closed for a while, it's now being demolished for future development. But with the closure of the Marlton location, how many Friendly's restaurants are actually left? Here's a look at all remaining locations in New Jersey and beyond as of March 2024, according to the company website.

Gallery Credit: Mike Brant