Many Banks Closing Branches in Storm's Path at Noon Monday

By Matthias Rieker

Retail banking in much of Hurricane Sandy's path will come to a halt Monday afternoon, as many of the U.S.'s largest banks close even those branches that opened in the morning.

Customers can access cash through automated teller machines and bank online, banks said.

J.P. Morgan Chase & Co. (JPM), the largest U.S. bank by assets and the larges in the New York metropolitan area by branches and deposits, said 400 of its bank branches in the metropolitan area are open but will close at noon Monday. More 600 didn't open Monday. On Long Island, branches will close before noon.

The bank has no branches in other parts of New England or Pennsylvania and other Mid-Atlantic regions.

Citigroup Inc. (C), the nation's third largest bank by assets and the third largest by deposits in the New York metropolitan area, said all branches in Manhattan are closed, as are the majority of branches in the rest of New York, and in Boston, Philadelphia, Connecticut, New Jersey and Delaware. The bank said "a select number of branches in these markets will plan to open to address critical client needs with the anticipation that they will close early due to weather conditions."

HSBC Bank USA, the U.S. banking subsidiary of HSBC Holdings Plc (HBC) of London, said most of its retail banking branches in the metropolitan New York area are closed. The bank, the fourth largest by deposits in New York, planned to open select branches in New Jersey, Connecticut, Long Island and Westchester County, New York, until noon.

HSBC branches in Washington, DC, Virginia, Maryland, Pennsylvania and Delaware are expected to be open until noon on Monday.

The bank said, "Where possible, we are encouraging employees in the areas affected by the hurricane to work from home."

Capital One Financial Corp. (COF) opened branches in northern Virginia, Maryland and Washington, D.C., later than usual, at 10 a.m. on Monday. "Capital One Bank will continue to monitor the hurricane/tropical storm's movement and make decisions about branch closings based on developments," the bank said late Sunday. Branches in New York and New Jersey are closed.

Wells Fargo & Co, (WFC) has closed about 200 branches, including all branches in New York and Connecticut. Branches are closed along the Jersey Shore in New Jersey; the rest of the New Jersey branches and branches in Pennsylvania are open, but hours will be decided as the day goes on.

TD Bank, the U.S. retail banking subsidiary of Toronto-Dominion Bank, (TD) closed more than 600 branches, mainly in New York, New Jersey, and Pennsylvania.

Write to Matthias Rieker at [e-mail]

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