A massive bank now closes 12 new branches in Ohio intensifying the state’s already growing closures.
Today, Park National Bank joined the growing list of bank closures after announcing 12 branches will be shuttering in Ohio.
The bank is also headquartered in Ohio.
Earlier this year, it was reported that Ohio outpaces the national average for bank branch closures.
In Ohio, 4.8% of branches were closed between 2020 and 2021, while 4.3% shuttered between 2021 and 2022.
This compares with the national average of 3.2%.
“If the trend of current bank branch closings continues, there may be no bank branches left in 10 years,” reports TheStreet.
“As banks continue to close, there is a fear that this could lead to banking deserts in some communities.”
The following Park National Bank branches are expected to close down in Ohio:
- 758 Wheeling Ave, Cambridge
- 898 East St, Athens
- 2810 Maysville Pike, Zanesville
- 220 E. State St, Newcomerstown
- 1274 Hills Rd, N. Pickerington
- 205 North Seltzer St, Crestline
- 2148-G Eagle Pass, Wooster
- 800 North Main St, Celina
- 8 West Maple St, North Lewisburg
- 2035 Dayton Lakeview Rd, New Carlisle
- 1176 West Main St, Tipp City E
- 5100 ST. RT. 132, Owensville
Other Banking News Today
A massive US bank now lays off 2,000 employees in efforts to cut back on costs after announcements were initially made in September.
Charles Schwab has laid off about 5% to 6% of its employees, amounting to roughly 2,000 people, as it looks to cut costs, per numerous reports.
A Schwab spokesperson said these “were hard but necessary steps to ensure Schwab remains highly competitive, with industry-leading levels of efficiency, well into the future.”
The company only released a percentage of how many people were laid off and didn’t give a precise number, but Schwab’s headcount was 35,900 as of September 30, according to a corporate fact sheet.
“They are decisions that impact very talented people personally, and we take that very seriously,” a spokesperson said.
“We worked diligently to ensure affected employees were treated with care and respect throughout this difficult process.”
The cost-cutting measures were first announced in the summer, with the brokerage looking to cut $500 million in costs as it faces investor pressure, reports CNN.
Part of the changes includes evaluating its “real estate footprint, streamlining our operating model, and staffing reductions, largely in non-client-facing areas,” a Schwab spokesperson said.
Like other banks, Schwab endured turbulence earlier this year when its bottom line was given a hard look by investors after the collapse of Silicon Valley Bank.
Citigroup also confirmed during the second quarter that new layoffs (1,600 in the second quarter) will push the total job cuts to 5,000 this year.
Wells Fargo also said that it could see its headcount decline further as it aims to improve efficiency, per Chief Financial Officer Mike Santomassimo.
Charles Schwab stock is currently down more than -35% this year-to-date.
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