OneUnited Bank Consolidates L.A. Branches
OneUnited Bank will close one of its five branches in Los Angeles and consolidate it into a nearby branch, citing a decision by the building’s landlord not to renew the lease. OneUnited initially acquired the branch through its merger with Founders National Bank in 2001. “Clearly the lease and the rent is one factor, and we clearly will save money,” said Teri Williams, OneUnited’s president. But with another branch less than a mile away on the same street, “consolidation is the best thing.” The bank is trying to find positions for most of the workers at the merged location, Williams said. She added that OneUnited has expanded services at the branch, adding a drive-through ATM and a community room that will be available to local nonprofits.