Washington, D.C. -area banks will see anything but a regular day back at work today after a federal holiday, with inaugural festivities expected to draw hundreds of thousands of potential customers and automated teller machine patrons.
U.S. markets were closed Monday in recognition of Martin Luther King Jr. Day. But banks with branches near the National Mall, especially those at the handful of pedestrian entry and exit points to area, are likely planning for a busy Tuesday re-opening, said Kathleen Murphy, president and chief executive officer of the Maryland Bankers Association.
“Banks are in the business of planning for contingencies, so if a bank was in a place for increased business or ATM use, they would try to take advantage of that,” Murphy said. “They’ve got all these limitations about how people can enter and exit parade routes, if an ATM was strategically placed, I’d have to think they [banks] would be planning for demand and opportunities.”
Baltimore-based Provident Bank will close its lone D.C. branch, located in Georgetown, on expectations of “strict restrictions on travel and light business, spokeswoman Vicki Cox said.
M&T Bank spokesman Phil Hosmer declined to discuss specific Inauguration Day plans for its branches and ATMs, citing security concerns. The bank has 31 branches in Montgomery and Prince George’s County, eight in Washington and 17 in Northern Virginia.
“Banks continually monitor cash usage and anticipated demand and make adjustments accordingly,” Hosmer said. “We’ve certainly taken into consideration the inauguration and surrounding events.”
When President Obama steps from the stage Tuesday, he will inherit a troubled banking sector. Bank of America took another $20 billion from the federal government Friday to help cover its purchase of Merrill Lynch, on top of $25 million it previously received. Numerous financial institutions are also set to report their fourth-quarter and year-end results this week.
The Associated Press contributed to this report.
