The National Community Reinvestment Coalition’s (NCRC) President and CEO Jesse Van Tol appeared on Bloomberg TV’s Triple Take on April 14, 2022. Van Tol discussed NCRC’s recent report: The Great Consolidation of Banks and Acceleration of Branch Closures Across America.
“The story here is bank consolidation and branch consolidation: 18,000 institutions down to 5,000. The trend line continues. We’ve seen ongoing mergers and consolidations at the regional bank level and the community bank level. The question is: Are we headed for Europe, where you see five large institutions really dominate the market and what does that mean for access, for competition,” Van Tol said.
“We’ve seen dozens of banking deserts crop up, especially in rural places and underserved markets and minority communities.”