CANTON — The number of financial institutions will be cut by half in Canton early next year when two banks consolidate branches.

SunTrust and PNC banks will be closing their downtown Canton branches after the New Year, leaving First Citizen's Bank and Champion Credit Union as the only financial institutions with a physical presence in Canton.

SunTrust will be closing its branch on Main Street in Canton on Jan. 18 and its branch in Pack Square, Asheville Jan. 11.

"The opening and closing of branches has become a natural part of ensuring that SunTrust is able to maximize its market opportunities and meet the needs of its clients in an efficient and effective manner. The decision to close a branch is made only after careful study and analysis," said Michael McCoy, a media relations officer ...