Large US Banks Shutting Down Offices Across Country | Joe Hoft

News

Get The Latest

News

Get The Latest

Large US Banks Shutting Down Offices Across Country

PNC Bank is the latest of the large US banks shutting the doors of branches across the country. 

A number of US banks shared information with the OCC that they were closing branches across the country.

Seven banks filed to close 42 branches last week, leaving a growing number of Americans with limited access to basic financial services.

PNC Bank led the pack with 19 filings to the regulator between November 12 and November 18.

Of those closures, five are set to impact Pennsylvania. Four were registered in Illinois and three were in Texas, according to records published by the Office of the Comptroller of the Currency (OCC).

US Bank announced the second highest number of closures, notifying the agency of plans to ax seven locations – three of which are in Tennessee.

Citizens Bank filed to close six branches, all of which are in New York state.

Bank of America and JPMorgan Chase said they would each shutter four locations, while Huntington and Sterling notified of just one closure each.

In October, Huntington filed to close 26 locations across the Midwest.

According to its website, Starling Bank and Trust has almost 30 branches, most of which are in California.

Though Chase filed to shut four branches, it more than compensated for the closures by notifying the OCC of plans to open another 12. The only other bank to inform the regulator of a new branch was First National.

When most banks close a branch they must notify the regulator, the OCC.

In a statement to DailyMail.com, a spokesperson for the agency said: ‘The OCC understands the importance of bank branches and is committed to supporting access to banking services in all communities.’

The watchdog also noted that although banks and credit unions need to notify the ‘primary regulator of closures’, the statute that requires them to do so does not allow the regulator to object.

In a growing economy you wouldn’t see bank closures, but this isn’t a growing economy.

Another note that is relevant here is the last sentence from the article above where it’s noted that the OCC is not allowed to reject to the bank closures.  The alternative would be that a socialist government would force banks to keep branches open even if they are losing money.  You have to wonder if the writer of this piece even notices the socialist slant to that last sentence?

What a mess the Biden economy has become. 

Leave a Comment