Newsbreak, January 26, 2024, Pennsylvania Faces Banking Transformation: Ten More Branches Announce Closures This Month
This wave of closures is not isolated to Pennsylvania but is part of a broader national trend. Between 2017 and 2021, nearly 7,000 bank branches, accounting for nine percent of all U.S. locations, ceased operations. This decline in physical banking facilities has given rise to what are termed “banking deserts,” areas where access to traditional banking services is increasingly limited.
The impact of these closures extends beyond mere inconvenience. The National Community Reinvestment Coalition highlights that branch closures can lead to a decrease in small business lending, an increase in reliance on less regulated financial services, and the loss of important commercial entities and job opportunities in affected communities.
