Capital One closes Jersey City branch; second bank to leave in two years

JERSEY CITY – Mayor Jerramiah T. Healy, Ward F City Councilwoman Michele Massey, and other elected officials, will hold a press conference on Saturday, Oct. 6, at 11 a.m. at the Bergen Lafayette Branch of the Capital One Bank.
The bank, located at 106 Monticello Ave., is scheduled to close tomorrow, despite efforts to keep it open.
“We met with Capital One Bank when we first heard they were considering closing the location and had hoped to meet with them again to discuss ways to keep the branch open,” said Mayor Healy. “Our request for a second meeting was rejected. This is one more disappointing example of a large bank deserting its customers and the community it serves in a part of our city where seniors and other residents rely greatly on the close proximity of a physical branch.”
City officials have reached out to other financial institutions, including local credit unions, to see if another entity might be willing to take over the branch.
Capital One is the second branch to close in this section of the city in the last two years.
The city and the Jersey City Redevelopment Agency are still trying to attract a bank at the Hub, on MLK Drive, where Bank of America also closed a branch.
“What disturbs me most is their complete disregard for the city’s attempt to sit down with the bank to offer incentives to keep the branch open,” said Ward F Councilwoman Massey. “Capital One had their mind made up, and was completely unwilling to convene a real meeting with us to address whatever their issues were with the branch. In my opinion, Capital One has not upheld its Community Reinvestment Act obligations, which are intended to serve a community such as this.”
“This bank leaving is very upsetting, especially since there has been legislation in Trenton to encourage and support banks to stay in urban neighborhoods,” said State Senator Sandra Cunningham. “I know there were meetings with the management of the bank to encourage them to stay at this location and it is amazing to me that they are so willing to turn their back on the citizens of Jersey City who have always put their trust in this bank.”

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