Another business closure hits SLO Promenade Shopping Center
Add the JP Morgan Chase Bank branch on Madonna Road in San Luis Obispo to the list of brick-and-mortar financial institutions that has shut its doors — at least to in-person customers.
An announcement about the branch closure at 445 Madonna Road was published this week. The location is “temporarily closed”’ now, according to the company website, but it’s unclear what that means. The Ohio-based bank still has a branch in downtown San Luis Obispo at 1235 Chorro St.
The Chase closure is the latest blow to the SLO Promenade Shopping Center which has seen several other businesses shutter recently. They include Dollar Tree and Tahoe Joe’s, along with HomeTown Buffet and Applebee’s before that.
Banks have been permanently shutting down branches for years, but the pace of closures hit a record in 2020 with the pandemic accelerating the move to online banking.
Banks closed 3,324 branches in 2020, according to a list published by S&P Global Market Intelligence.
The bank is the second to announce its closure this week.
Cayucos will lose its only brick-and-mortar bank later this year when Mechanics Bank (formerly Rabobank) closes on Dec. 10.
This story was originally published September 11, 2021 at 10:00 AM.