Banks and restaurants play musical chairs in Vienna

Walk-in banking seems to be on the decline with the advent of online banking and the internet. In many cases, bank branches close and the centrally located building is turned into a restaurant or cafe. But in the city of Vienna, it looks like a game of musical chairs.

On Maple Avenue, a Chase Bank branch is being built on the site that was Outback Steakhouse, and a Burke and Herbert branch is moving to 332 Maple Ave E in a space that was once a Peet’s Coffee.

In three other places in the city, it is the opposite, and banking spaces become restaurants. In the Cedar Park Mall, the BB&T bank branch is now the Simply Social restaurant, the Cardinal Bank at 133 Maple Ave. East is now the Bear Branch Tavern. A Yellow Diner has been offered at the old SunTrust Bank on the corner of Nutley and Maple.

According to the Federal Reserve, branches of commercial banks, credit unions, savings banks, and savings and loan associations have been closing steadily since 2011. Between 1990 and 2008, “bank branches increased steadily,” a said Kimberly Kreiss, who looked at several studies. on the effects of the pandemic. But the closings began before the pandemic, she notes. “This is consistent with trends in recent years, where consumers increasingly report increased use of online or mobile banking and banks have regularly closed branches,” she wrote.

On WalletHub, they find the same thing. “American banks are closing due to an increase in internet and mobile banking, an increase in bank mergers and unprofitable branches,” he said. They had a list of national institutions closing as an example. Between 2017 and 2020, more than 4,400 bank branches closed in the United States.

The former SunTrust Bank site, and after the restaurant’s transformation, from a presentation shared by Yellow Diner at the Board of Architectural Review’s March 11 business session.