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Columbia officials discuss options after Truist announces branch exit
Summary
Council members said Truist has notified account holders it will leave, leaving only an on-site Wells Fargo ATM and prompting the borough to reach out to other banks; officials said attracting a bank to downtown Columbia will be challenging and the finance committee will prioritize exploring options.
Council members told residents that Truist Bank has informed account holders it will leave Columbia, prompting concern about local banking access and discussions about how the borough can help recruit a new financial institution.
Council and staff reported that the only immediately available in-person option is a Wells Fargo ATM at a shopping plaza; several councilors said they would contact other banks and financial contacts to explore relocations or acquisitions of the Truist branch. One councilor asked whether the borough could offer incentives or help identify commercial space; staff said they would reach out to banks and relay potential real-estate options.
A council member noted it is costly for banks to open full branches in small downtowns and that much of modern banking is digital; others emphasized the importance of a local bank for residents who rely on walk-in services. The finance committee was asked to expedite any outreach because, if another bank is to assume accounts or buy the local branch, discussions should proceed quickly.
No formal incentives or commitments were made at the meeting. Councilors agreed staff would contact Truist and other regional banks and report back on possible timelines and options.
