fbpx

Bank Branch Closings Hit Another Record High

Last year produced another record-high number of bank branch closings with 3,601 locations shutting their doors, according to Federal Deposit Insurance Corp. data.

The trimming of bank branches has been increasing since the United States began recovering from the Great Recession. The pace accelerated in 2020 with the outbreak of the pandemic as consumers switched en masse to mobile transactions, reducing their in-person visits to deposit checks or withdraw cash.

The growing use of technology only prompted bank holding companies to increase their budgets for new digital technology applications, executives have said in recent earnings conference calls. That spending fueled additional branch consolidation last year.

The closings only tell part of the story, however, according to the Cleveland Federal Reserve in a study completed in October. Consumers also visit bank branches for financial advice, payroll services, loans, lines of credit and other services that are often less comprehensive, less user-friendly or even nonexistent online.

*Article courtesy of CoStar

For more information about New Jersey or Philadelphia health care space, industrial space, retail space, office space, land or other New Jersey and Philadelphia commercial properties, please call 856-857-6300 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading New Jersey and Philadelphia commercial real estate broker that specializes in both New Jersey and Philadelphia cannabis, healthcare space, office space, retail space, land and New Jersey and Philadelphia industrial space.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier New Jersey and Philadelphia commercial real estate brokerage firm that provides a full range of New Jersey and Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other New Jersey and Philadelphia commercial properties for buyers, tenants, investors, and sellers.

A New Jersey and Philadelphia commercial real estate broker with expertise in New Jersey and Philadelphia commercial real estate listings, Wolf Commercial Real Estate provides unparalleled expertise in matching companies and individuals seeking new New Jersey and Philadelphia office space, New Jersey and Philadelphia retail space, or New Jersey and Philadelphia industrial space with the New Jersey and Philadelphia commercial properties that best meets their needs.

As experts in both Philadelphia and New Jersey commercial real estate listings and services, the team at our commercial real estate brokerage firm provides ongoing detailed information about Philadelphia and New Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.  

Please visit our websites for a full listing of South Jersey, Philadelphia, and New Jersey commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Share

Share

Share