The Alpine News, February 2, 2023, Decent customer service: Can we still bank on it?
The consolidation of banking began in the 1980s. What then numbered 18,000, was just under 5,000 by 2021, according to the National Community Reinvestment Coalition. Impacting us locally, from 2017 to 2021 PNC Bank closed 418 locations and Huntington Bank Corporation closed 318. Alpena and the surrounding area have become what advocacy groups call a “financial desert.”
In the 1980s Alpena had two full-service banks in the downtown area. Each was fully staffed with a president, vice-presidents, loan officers, tellers, and support personnel. Each institution has changed its affiliation multiple times, benefiting the local sign company. Former employees that managed to stay in the area have continued to serve the community.
