Mitch86
Member
- Location
- Connecticut, USA
I saw this on the internet:
"According to the Office of the Comptroller of the Currency’s weekly bulletin for March 16 through March 22, 2025, 32 banks closed nationwide. The list includes locations operated by major institutions such as Wells Fargo, U.S. Bank, PNC Bank, Bank of America and JPMorgan Chase.
While bank closures are not a new phenomenon, their pace has accelerated in recent years. The Federal Reserve Bank of Philadelphia’s U.S. Bank Branch Closures and Banking Deserts report notes that the trend began during the Great Recession but was significantly exacerbated by the COVID-19 pandemic.
Since 2020, the rate of bank branch closures in the U.S. has doubled. The majority of those closures come from large and very large banks, contributing to an overall 5.6% decline in total bank branches nationwide since the start of the pandemic.
At the same time, the formation of new banks has slowed to a trickle. According to S&P Global, only eight new banks were established in 2023, followed by just six in 2024 — a stark contrast to historical averages and a sign that fewer financial institutions are entering the market to replace those that disappear."
I was just notified by my bank that I must remove all contents of my safety deposit box since the branch would be closing. Now I have to go over to the branch tomorrow to get all the items I used to store in my safety box. I will have to store them now at home.
Evidently, almost all the bank income comes from online transactions. Branches are now unprofitable.
"According to the Office of the Comptroller of the Currency’s weekly bulletin for March 16 through March 22, 2025, 32 banks closed nationwide. The list includes locations operated by major institutions such as Wells Fargo, U.S. Bank, PNC Bank, Bank of America and JPMorgan Chase.
While bank closures are not a new phenomenon, their pace has accelerated in recent years. The Federal Reserve Bank of Philadelphia’s U.S. Bank Branch Closures and Banking Deserts report notes that the trend began during the Great Recession but was significantly exacerbated by the COVID-19 pandemic.
Since 2020, the rate of bank branch closures in the U.S. has doubled. The majority of those closures come from large and very large banks, contributing to an overall 5.6% decline in total bank branches nationwide since the start of the pandemic.
At the same time, the formation of new banks has slowed to a trickle. According to S&P Global, only eight new banks were established in 2023, followed by just six in 2024 — a stark contrast to historical averages and a sign that fewer financial institutions are entering the market to replace those that disappear."
I was just notified by my bank that I must remove all contents of my safety deposit box since the branch would be closing. Now I have to go over to the branch tomorrow to get all the items I used to store in my safety box. I will have to store them now at home.
Evidently, almost all the bank income comes from online transactions. Branches are now unprofitable.
