Capital One on West Broadway to close

The Capital One branch at 90 West Broadway at Chambers will close May 20, according to a note from S. and confirmed with the branch staff. The reasoning, the staff person said, was that they have another branch at Chambers and Broadway, on the northwest corner at 277 Broadway and that should be sufficient.

But Capital One has been closing branches for several years as part of a nationwide strategy to gather most of its deposits online. American Banker reported in July that the McLean, Va., company, with roughly $373 billion of assets, “has shuttered more than half of its branches over the past decade, including nearly 50 in the second quarter alone, according to a recent analysis by Sandler O’Neill & Partners. It now has fewer than 500 branches in eight states and the District of Columbia.

The only bank that has reduced its branch count anywhere near the same rate is HSBC USA, and even it seems to have concluded that the cuts may have been too drastic. The U.S. arm of the British banking giant HSBC said in June that it plans to add dozens of new branches over the next four years, largely in an effort to accelerate deposit growth. But unlike HSBC, which has seen its total deposits decline slightly in recent years, Capital One appears to have suffered few ill effects from the branch closures.”

If I were to guess, next up is the absolutely giant Bank of America branch on Greenwich and Murray…

Back to 90 West Broadway: This has to be one of the most prime real estate spots in the neighborhood, though partially obscured by the subway entrance. More TK on what’s next.