Greater Milwaukee Today, April 5, 2022, Bank branches closing across United States, and locally
Downtown Waukesha residents may have noticed a few different bank branches throughout downtown Waukesha have closed over the years. According to the National Community Reinvestment Coalition (NCRC), a nonprofit organization based in Washington, D.C., this is part of a nationwide trend.
Data collected by the NCRC says that two-thirds of banking institutions have disappeared since the 1980s. This was found to be due to mergers and acquisitions, along with a shift to mobile and internet-based transactions. According to the NCRC, banks took advantage of the COVID-19 pandemic by doubling the pace of their branch closures. According to a February press release, more than 4,000 physical bank branch locations have closed since March of 2020.
