DAYTON, Ohio -- Bank One will spend $5 million in Dayton this year, part of a larger effort in which Bank One will open 47 new branches nationwide, spend $50 million on remodeling existing branches and $100 million on its ATM network.
(See related story Bank One makes major ATM investment in Chicago)
According to a report in the Dayton Business Journal, Chicago-based Bank One is opening one new branch, at a cost of at least $2 million, and spending $2.75 million to remodel its current 54 branches and update its ATMs.
It also has inked a deal to take control of 38 ATMs at local Speedway gas stations, which will bring its total number of Dayton-area ATMs to more than 100.
Among the Dayton ATM upgrades will be sunlight-readable color touchscreens at all 54 branches, according to the Business Journal.
Bank One's moves represent a shift back to focusing on retail customers -- instead of online or telephone-based banking alone -- to boost the bottom line, part of a larger industrywide trend. (See related story Banks on branch bandwagon)
"Customers still like to come into a branch," said Joe Keller, senior vice president and Western Ohio market manager. "We like to make it as comfortable as possible for them."
Keller said Bank One is following the industry trend of putting more emphasis on retail customers by encouraging them to visit branches, instead of just using phone or online banking. When face to face with retail customers, bank employees can cross-sell other products such as certificates of deposit or home loans, which can boost the bank's bottom line.
Dayton, like other markets, is seeing a boom in new bank branches. U.S. Bank opened four branches there in 2002. Fifth Third has announced it plans to open as many as four new branches in the Dayton area, and KeyBank and Huntington plan new branches as well.
As part of the $2.75 million in remodeling for its Dayton branches, Bank One will upgrade them with new paint, carpeting and/or exterior signs. It also will install "comfort zones" -- a place where customers can relax with a cup of coffee and a magazine and children can play with toys or read books.
Bank One trails Fifth Third for the top spot in Dayton. Fifth Third has nearly $4 billion in deposits and more than 80 branches, compared with Bank One's nearly $2 billion in deposits and 54 branches.
