The SunTrust Bank branch in Ridge Manor is closing after serving the community for many years. Several of our readers contacted us to inform us about this sad event, one even used its old name SunBank.
With online banking we are seeing the closing of many banking branches. The closing of the Ridge Manor SunTrust branch is different in that it is the only bank in that community.
This means that the people served by that Bank cannot switch to another bank to be served locally. Many of the business owners and residents relied on the local bank to service their needs. Now they either have to go to another city or bank remotely.
A local bank is an important part of a community. Going into the bank allows you to build a relationship with staff. Many small business owners say that their relationship with their bank is the difference between success and failure. A local bank may help businesses avoid overcharges by making sure their deposits are processed before their debits. A local bank may even let them transfer money to cover a check if their is a shortfall.
We contacted SunTrust Corporate Communications representative Hugh Suhr and he responded that “The decision to close a branch is made after careful study and analysis. Many factors are considered including, but not limited to, market growth, real estate arrangements and transaction volumes. After considering these and other factors, we made the decision to close the Ridge Manor branch located at 31050 Cortez Blvd.”
The Ridge Manor branch is not the only branch being closed, SunTrust Bank is closing several branches in area. The Ridge Manor branch is noteworthy, because they are the only bank in that section of Hernando County and the people served by that branch will have to travel to do their banking since there is not another option nearby.
SunTrust Bank started notifying clients earlier this month. The branch is closing Tuesday, June 13 at 12:00 p.m. The client accounts will be transferred to the branch at 1 E. Jefferson St or other branches at the client’s request.
The lack of the a local banking branch is a blow to the Ridge Manor community. Many of the residents of Ridge Manor will have to adjust to online banking or travel further to do their banking.