Beaufort County Business, December 10, 2023, Over 60 US Bank Branches File To Shutter In One Week
Between 2017 and 2021, about 7,500 bank branches, or 9% of all brick-and-mortar locations shut down, according to a report from the National Community Reinvestment Coalition.
Last year alone, a net of 2,054 bank branches closed, according to data from S&P.
Although closing physical banking locations may save banks money, they have also created banking deserts for customers or areas where the closest bank is many miles away. This can cause a litany of other unintended effects, such as a decline in small business lending, as well as the area losing an employer and commercial tenant.
Also, when there are fewer branches in the area, more people use “alternative financial services that open them to unregulated and predatory financial practices,” a report from the National Community Reinvestment Coalition said.
