PNC Bank Shutters 19 Branches In A Single Week. US Bank, JPMorgan Chase and Bank of America Close More Locations.
Seven banks filed to another 42 branches last week. PNC Bank led the pack with 19 filings with the OCC between November 12 and November 18. Branch closures are leaving a growing number of Americans with limited access to basic financial services.
The OCC reports five of the closures are set to impact Pennsylvania. Four were registered in Illinois and three were in Texas.
US Bank announced the second highest number of closures. They plan on closing seven locations. Three of which are in Tennessee.
Citizens Bank filed to close six branches in New York state.
Bank of America and JPMorgan Chase said they would each shutter four locations. Huntington and Sterling were only closing one branch each.
In October, Huntington filed to close 26 locations across the Midwest.
Starling Bank and Trust stated on it’s website it has closed almost 30 branches in California.
JPMorgan Chase filed to shut four branches. However, they notified the OCC they plan on opening another 12.
When most banks close a branch they must notify the OCC.
The watchdog also noted that although banks and credit unions need to notify the ‘primary regulator of closures’, the statute that requires them to do so does not allow the regulator to object.
This year alone a total of 1,144 national and regional banks were closed between January 1 and July 31 across 49 states.
A survey also found that brick and mortar services were less accessible to black Americans. 14% of black Americans said they did not have a local branch. However, that was only the case for 8% of white Americans.
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Wells Fargo Bank Axes Another 13 Branches In A Single Week
Bank Branch Bloodbath: Major Banks Close Another 19 Locations
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