More Banks Are Shuttering Branches. Fifth Third Bank Shutters 19 Branches, Citizens Bank Closes 7 Branches and PNC Axes 3.
The newest trend in banking is expanding as more banks are shuttering branches. Fifth Third Bank filed notice with the OCC last week they are closing 19 brick-and-mortar locations across the country. Unfortunately, they are not the only one.
The Cincinnati based bank closed eight branches in Ohio and four in Michigan. In addition, they closed two in Kentucky and two in North Carolina.
Fifth Third operates over 1,000 branches in ten states.
Citizens Bank also filed notice with the OCC to shutter seven branches. In addition to the six locations it had applied to close the week prior. However, it also filed to open three branches in Florida and Massachusetts.
Meanwhile, PNC Bank filed to close three branches with one in Alabama, one in Illinois and one in Texas.
In total the OCC reports that firms filed to shut 42 branches under its jurisdiction between October 15 and 21.
These also included closures from Bank of America, Wells Fargo and Capital One.
Of the seven branches which Citizens Bank filed to close three were in New York and three in New Jersey. In addition to one in Mystic, Connecticut.
New Jersey had seen the highest proportion of bank closures of any US state between January and August this year.
Americans In Lower Income Neighborhoods Are Concerned
The latest round of bank branch closures comes at a horrible time for some Americans. An increasing numbers of Americans are struggling without access to basic financial services.
51% of Americans are ‘very concerned’ or ‘somewhat concerned’ about the impact of dwindling outlets. These bank closures appear to disproportionately affect poorer households.
With rampant inflation and the cost of living soaring, experts warn that customers may be more likely to want to discuss their finances with their bank in person. Branches provide a lifeline for anyone looking to speak to a staff member or carry out simple tasks such as cashing a check, making a deposit or accessing cash.
Accelerating closures run a risk of communities becoming so-called ‘banking deserts’ – when they are without access to a bank or credit union within 10 miles – leaving residents increasingly vulnerable to falling prey to high-fee lending options such as payday loans.
Read more about other major banks closing branches below:
BofA And Wells Fargo Shutter Branches Across The US
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