The Sun, September 23, 2023, Two Major Banks Set To Close Four Branches In Key State As Customers Need To Make Plans To Secure Their Money
Banks filed paperwork to shut down four branches in Texas this year. The Texas branch closures will impact two major banks – JPMorgan and Home Bank.
Bank closures are not reflective on a banking institution’s financial strength – these closures don’t indicate any weaknesses in American banking.
However, the digital trend has a broader societal impact.
One-third of the bank closures happened in minority neighborhoods, according to the National Community Reinvestment Coalition’s study. The study concluded that closures may benefit larger banks. “The Great Consolidation resulted in a few large megabanks dominating the market while small community banks disappeared,” the study concluded.
