The Epoch Times, July 7, 2023, IN-DEPTH: Bank Branch Closures Leave Vacant Buildings, Inconvenienced Customers
9 percent of all branch locations in the United States closed between 2017 and 2021, according to a report (pdf) by the National Community Reinvestment Coalition (NCRC). It amounts to a loss of about 7,500 brick-and-mortar locations.
The branch closure rate doubled during the pandemic. Banks have closed more than 4,000 branches since March 2020. This doubled the rate of closures from 99 per month during the 10 years prior to the pandemic to 201 closings per month.
“When bank branches close, there are several adverse effects on the surrounding community,” the NCRC report said. “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.”
