University City bank relocates to 34th Street

As of this week, Citizens Bank will no longer be located at the crossroads of the University of Pennsylvania Bookstore, Cosi and Eastern Mountain Sports.

The bank, which had been housed in the West Philadelphia Trust Building at 135 South 36th Street, moved to its new location along 34th Street earlier this week. Both retail spaces are owned by University City Associates, a subsidiary of the University.

Now sandwiched between the Penn Book Center and University City Photo Center, the bank will continue to serve Penn students and residents of University city.

According to Citizens Bank spokesperson Elena Jarvis, the new location of Citizens Bank will be just as convenient as its old one.

"Customers will be happy with the new location -- it's less than a fifth of a mile away, so it's still part of the Penn campus and accessible to students," Jarvis said. "We're looking forward to serving the Penn community there."

This week's move is only one of the transitions that Citizens Bank has undergone recently. In December of 2001, a corporate merger between Citizens Bank and Mellon Bank enabled Citizens Bank branch to acquire the 36th Street branch of Mellon Bank.

According to Penn Director of Development Management Paul Sehnert, this changeover provided Citizens Bank with the chance to downsize into a smaller, more consolidated space as well.

"It gave [Citizens Bank] the opportunity to reduce overhead costs by moving into a space that was designed [more] efficiently," Sehnert said.

Nevertheless, negotiations for the move have been in the works for awhile.

The space, which was previously occupied by Starbuck's Coffee and the University of Cards, became vacant in 2000 when both tenants relocated.

"Those two moves created a new retail storefront along 34th Street," Vice President of Retail Lisa Prasad said. "Originally, Mellon Bank was interested in the space because they thought it would be good for downsizing, and had plans underway."

During this time, administrators were also taking into consideration the West Philadelphia Trust Building's potential to house a different retailer.

"It's a key building at the core of the business district, and we really wanted to get the use of that space right," Sehnert said. "It's a landmark building and a handsome property with distinct architectural qualities worth preserving."

Likewise, UCA entered negotiations with Mellon -- and then Citizens Bank -- to move the business a few blocks East in order to free up the 36th and Walnut street location.

"When the University indicated to Citizens Bank that it had redeveloped its plans for the site, we wanted to do what was best for the University and cooperate with the community," Jarvis said.

As for the future plans for the now vacant building on 36th and Walnut streets, Sehnert said that the University has yet to determine its future occupant. Currently, it has hired a contractor to assess the building's condition.

"We now have to spend the time and the energy to renovate the interior of the building suitable for a new retailer," Sehnert said. "I can't say how long it will take, but we have the responsibility to do it right.

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