KB Exchange Trust, April 12, 2022, Banks Accelerate Closure of In-Store Branches
According to a report from the National Community Reinvestment Coalition (NCRC), 9 percent of all bank branch locations in the US closed between 2017 and 2021, a loss of about 7,500 brick-and-mortar locations.
The pace of branch closings doubled during the pandemic, the report said, from 99 per month to 201 closings per month. Banks have closed more than 4,000 branches since March 2020.
According to the NCRC report, the closing of bank branches has disproportionately impacted low-income communities, undercutting the Community Reinvestment Act. The CRA, a federal mandate enacted in 1977, obligates banks to serve the communities in which they operate.
