KeyBank to close Camden and Boothbay Harbor branches this coming spring; not anticipating job loss

Wed, 03/03/2021 - 6:15pm

KeyBank is closing five branches in Maine, including its Camden location at the Camden Market Square, on Route 1 (Elm Street) at the Rockport town line.

“KeyBank has recently notified some of our clients in Maine that we are consolidating several branches into others nearby,” said Karen Crane, senior communications manager at KeyBank.

Customers of the following consolidating branches will have their accounts automatically transferred as follows:

Camden Square Market branch will consolidate into the Rockland branch

Boothbay Harbor Meadow branch will consolidate into the Brunswick branch

Brewer branch will consolidate into the Bangor Key Plaza

Ogunquit and Springvale branches will consolidate into the Kennebunk branch

Gray branch will consolidate into the Windham branch

The consolidations are to be completed May 21.  

Crane said the company was not anticipating any job losses and that affected employees will have the opportunity to transfer into other branches and positions within Key.

“Of course, our customers can bank with us at any KeyBank branch that is convenient to them, as well as use one of our KeyBank branded ATMs, Allpoint ATMs, by telephone at 1-800-KEY2YOU, through online banking via the Internet at and through Key's mobile banking app.,” said Crane.

She said that client interaction with branches, “continues to change at a rapid pace and we have seen a steady increase in client preference for digital banking.”

Transactions via online and mobile banking were two times the number of transactions completed at a branch office, Crane said.

“Since the pandemic began, those trends have increased at an even higher rate,” she said.

“By optimizing our branch network through the strategic locations of our branches, combined with the expansion of our ATM network and continued investment in digital capabilities, we are focused on offering more convenience to our clients and providing them with exceptional service,” Crane said. “As this process moves forward, our focus is on making any changes as smooth as possible for our clients and teammates.”

Key Bank, headquartered in Cleveland, Ohio, and owned by KeyCorp, said March 2 that it had entered into an agreement to acquire AQN Strategies LLC, an analytics-driven consultancy with expertise in the financial services industry.

KeyBank had, in 2019, 1,098 full-service retail banking branches and a network of 1,420 ATMs in 15 states. It had consolidated total assets of approximately $145.0 billion at December 31, 2019.

While KeyBank owns the Camden building, it leases the land, which is owned by Food Lion and Hannaford Bros. Co. Decisions around the property’s disposition have yet to be made, said Crane.

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