Nothing new there. It has been going on for a long time and probably one of the reasons for the financial crisis. Local bank X gets bought out by a big regional bank or national bank. They fire or retire all the people with local knowledge.
I fear that happening to my bank. My local bank that my family has banked at for over 100 years recently got bought out by a larger state bank and there have been issues, but not enough to get me to leave. However, if they fire the local tellers (many who have known me my whole life and even came to my mother’s funeral) then I am gone as well. They are the main reason I stay.