Sun Advocate Business Contributor
When one door closes, another one opens. Laura Suter, communications manager with Key Bank made this statement about the consolidation of the Price Key Bank branch into the bank’s Provo branch.
“As any business does, KeyBank continually reviews the structure of its organization to maintain a strong position in the marketplace, to meet the specific needs of its clients and to achieve its business goals,” she said.
Effective Aug. 31, Key will consolidate the Price branch at 690 East Main Street, Price, into the Provo branch at 207 North University Ave. in Provo, less than 76 miles away.
“We take many factors into consideration when we decide to consolidate a branch, such as market opportunity and client traffic. We’re committed to making the consolidation as smooth as possible for our clients—we are advising them of the consolidation and how we will continue to serve them,” Suter said.
All accounts will be transferred automatically to the Provo branch, Suter said.
“KeyBank will be contacting clients who use this branch regarding the consolidation and to welcome them to their new bank branch.”
She added that management will be working individually with the current employees to find work within the Key Bank system or other local resources to place them in new jobs.
Ryan Murray, president of the Carbon County Chamber of Commerce, said he and his membership never like to see a business leave the area, but that businesses also have to do what’s necessary to remain healthy organizations.
“Whereas we hate to see any business in our community close, we think that KeyBank, in moving forward, is trying to stay competitive,” he said “We are losing a financial institution in our area, but we also feel we still have several strong options in our community and are optimistic moving forward.”