A Massive US Bank Now Closes More Branches in Ohio

May 15, 2024

Updated on August 9, 2024

A massive US bank now closes more branches in Ohio according to fresh data from the Office of the Comptroller of the Currency.

Last month, the Office of the Comptroller of Currency reported that Park National Bank closed a total of ten locations in Ohio in just one week.

They included:

898 East St, Athens
2810 Maysville Pike, Zanesville
220 E. State St, Newcomerstown
1274 Hills Road 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

Now the OCC has released an updated roster of the following US Bank branches closing in Ohio this year:

350 Euclid Ave, Cleveland
38 North Broadway St, Farmerville
64 North Main St, Cedarville
123 North Reed Ave, Malvern
85 West Main St, Shelby

Last year, Crains Cleveland reported that Ohio outpaced 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%.

The closure of bank branches has led industry experts to believe low income communities will be left with ‘bank deserts’.

“If the trend of current bank branch closings continues, there may be no bank branches left in 10 years,” reported TheStreet.

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Three massive bank branches are now closing in California according to fresh data from the Office of the Comptroller of the Currency.

This week, two giant banks closed two branches in the golden state.

Bank of America closed its location on 3591 Mission Blvd, Fremont while JPMorgan shuttered its branch on 1030 W Alameda Ave, Burbank.

However, three additional major bank branches have now made the list of upcoming closures in California.

The Office of the Comptroller of the Currency details that the following bank branches will be closing in California soon:

Bank of America. 225 Canyon Crest Dr, Riverside
Bank of America. 8949 Clairemont Mesa Blvd, San Diego
Bank of America. 7404 Jackson Dr, San Diego

According to official US Government data, over 220 bank branches closed across the nation in January and February, and California was the state most impacted.

The federal regulator found Bank of America, US Bank and Citizens led the charge with the national banks accounting for nearly half of all closures, reports GBNews.

These banking groups closed 92 locations within the space of eight weeks with 222 sites closing down during the period overall.

If banks across the United States continue to shut down at their current rate, around 1,300 will close by the end of 2024.

Steven Reider, the founder and president of Bancography, cited the growing confidence among banks in being able to provide sufficient financial services online.

In January and February, Bank of America’s 41 branch closures having potentially saved the financial institution nearly $100million.

Moreover: Bank of America has announced several branch closures in Texas, highlighting the localized impact of these strategic decisions. Starting in February, the bank began closing several locations due to low customer usage and concerns about financial viability. The branches affected include:

– 6414 San Felipe Street, Houston, TX
– 1925 Dallas Parkway, Plano, TX
– 2015 Coit Road, Plano, TX

In March and April, additional Advance Notice of Closure filings were submitted to the Office of the Comptroller of the Currency (OCC), indicating more closures in Texas:

– 3900 N Interregional, Austin, TX
– 6085 Campbell Road, Dallas, TX
– 15110 Dallas Parkway, Suite 100a, Dallas, TX
– 101 SouthEast 11th Avenue, Ste. 100, Amarillo, TX

These closures are part of Bank of America’s broader strategy to optimize its branch network, focusing on maintaining profitability and operational efficiency in a competitive market environment. Despite these closures, Bank of America continues to support various financial needs, including providing VA Loans in Texas, helping veterans and active-duty service members secure home financing.

Redier explained: “’Banks are willing to close a branch that isn’t really overlapping any other branch on the gamble that customers are willing to drive a little bit further.

“I think Bank of America has leaned into that more than the other large banks have.”

The rate of bank branch closures has been exacerbated due to the Covid pandemic which resulted in people relying on online banking services due to staying at home.

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Also Read: California’s New $20 Minimum Wage Now Creates Painful

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