Ohio has now faced dozens of painful bank closures this year, in a time where the United States has seen US bank branch closures nationwide.
Banks have closed a total of 539 branches in just six months – with Wells Fargo, Chase among those shutting the most, per Daily Mail.
Ohio has seen a total of 29 bank branch closures so far this year, making it one of the most impacted states in the country.
If this trend persists, more than 1,000 branches could disappear from malls, town centers, and city streets nationwide by year’s end, according to the outlet’s report.
“This mass departure raises serious concerns about the future of banking accessibility in Ohio, especially for those who rely on in-person services,” says NewsBreak journalist Ash Jurberg.
“These closures can lead to “banking deserts” when communities are left without access to a bank or credit union within 10 miles.”
Unfortunately, studies have shown that residents in these areas where bank closures are common, are more likely to turn to non-traditional and high-fee lending options such as payday loans and check-cashing services, which further adds to the wealth gap.
The National Community Reinvestment Coalition warns of several adverse effects on communities when bank branches close.
Small business lending and activity in the area for example typically tends to decline.
This leads to more people becoming vulnerable to potential predatory financial services as well.
Which banks have closed branches in Ohio this year?
Below is a list of Ohio bank branch closures:
- Akron, 3979 Medina Road, Citizens Bank
- Cedarville, 64 North Main Street, U.S. Bank
- Chardon, 100 Center Street, JPMorgan Chase Bank
- Cincinnati, 867 Wyler Park Drive, JPMorgan Chase Bank
- Cincinnati, 7553 Bridgetown Road, LCNB NB
- Cleveland, 800 Superior Avenue, KeyBank
- Cleveland, 1350 Euclid Avenue, U.S. Bank
- Columbus, 1710 North High Street, KeyBank
- Columbus, 1435 West Broad Street, PNC Bank
- Columbus, 5900 Britton Parkway, Woodforest NB
- Cuyahoga Falls, 2226 State Road, U.S. Bank
- Dayton, 3465 York Commons Boulevard, Woodforest NB
- Delaware, 801 N. Houk Road, U.S. Bank
- Englewood, 7725 Hoke Road, Woodforest NB
- Farmersville, 38 North Broadway Street, U.S. Bank
- Madison, 6067 North Ridge Road, Woodforest NB
- Malvern, 123 North Reed Avenue, U.S. Bank
- Mason, 5100 Terra Firma Drive, Fifth Third Bank
- Massillon, 115 Tommy Henrich Nw, Citizens Bank
- Medina, 275 Forest Meadows Drive, PNC Bank
- Proctorville, 7537 County Road, U.S. Bank
- Sandusky, 207 West Washington Row, First FS&LA
- Sheffield Village, 5320 Abbe Rd, PNC Bank
- Shelby, 85 West Main Street, U.S. Bank
- Sugarcreek, 214 North Factory Street, U.S. Bank
- Tipp City, 5129 S County Rd 25A, New Carlisle FSB
- Uniontown, 3875 Massillon Road, Citizens Bank
- Windham, 8950 Maple Grove Road, Farmers’ NB of Canfield
- Zanesville, 14 South Fifth Street, Park NB
Are you concerned with today’s U.S bank branch closures? Leave your thoughts in the comment section below.
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Also Read: A Massive US Bank is Now Closing Credit Cards
Other Economy News Today
A banker is now convicted for stealing money from customers while working at Bank of America over a 10-year period.
The personal banker was arrested after her years-long scam, resulting in nearly $300,000 being stolen, came to light.
Police in Seneca, South Carolina said they received a report in 2013 about missing money from an account with Bank of America.
The victim, who also reported the incident to the Customer Service department, told police he was missing around $30,000.
Investigators worked with Bank of America for several weeks after the crime was reported and learned that an employee who had been stealing money from several people in Oconee County.
The police said the victims would use the Bank of America location in Seneca as their primary bank and Bobbi Cortese was their personal banker.
Seneca Police investigators and the US Secret Service spent nearly a decade doing more interviews.
Meanwhile, Bank of America was given time to complete an internal investigation.
It was revealed that Cortese had stolen nearly $300,000 from four people while working at the bank.
Some of the money was in the victims’ bank accounts for life insurance payouts related to the deaths of their spouses.
Others had a lifetime of earnings that was supposed to be used for their retirement, said police.
Cortese would open accounts under the victims’ names without their knowledge or consent and would perform a “shell game.”
This is when a scammer uses the money from one victim to replace what she stole from another victim.
After investigating further, police said Cortese forged several documents and issued them to the victims to hide the theft.
She committed these acts for about four years while working at the Bank of America, said police.
Cortese was arrested in May 2023 and charged with four counts of breach of trust and two counts of forgery.
She was later fired by the bank, reports The-Sun.
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Also Read: A Massive Bank Now Freezes Money From Direct Deposits
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