NTD, November 26, 2023, 64 US Bank Branches File To Shut Down In A Single Week—Are You Affected?
The recent closures are part of a long-term branch shutdown trend that has been ongoing over the past several years. A report from the National Community Reinvestment Coalition shows that between 2017 and 2021, 9% of all bank branches shut down. The closure rate doubled during the COVID-19 pandemic.
“When bank branches close, there are several adverse effects on the surrounding community. Small business lending and activity in the area declines. More people use alternative financial services that open them to unregulated and predatory financial practices. An important commercial tenant and employer are lost,” the National Community Reinvestment Coalition report said.
