Massive banks in Illinois are now closing down according to fresh data from the Office of the Comptroller of the Currency (OCC).
This week, five new locations have been added to the growing list of bank closures in Illinois.
Four of these branches closing this week are PNC Banks, which announced that 19 branches would be closing nationwide in February.
- Chicago PB. 10 S. Wacker Dr, Chicago
- PNC Bank. 5650 South Brainard Ave, Countryside
- PNC Bank. 1140 N Main St, Gainesville
- PNC Bank. 2217 W Market St, Bloomington
- PNC Bank. 1949 E Sangamon Ave, Springfield
Between 2017 and 2021, 9% of all branches — almost 7,000 locations— shut their doors.
The increase in bank closures means many people must travel further to reach their nearest bank, primarily impacting vulnerable and elderly customers.
Online banking is the primary reason as to why we’re seeing less and less physical branches now.
CNBC reports this leads to “banking deserts when communities are without access to a bank or credit union within 10 miles.
Several studies have shown these communities are more likely to use non-traditional and high-fee lending options such as payday loans and check-cashing services, which increases financial inequities and ends up widening the wealth gap.”
Below is a list of banks that have closed in Illinois or are scheduled to close within the next few month:
Also Read: Massive Layoffs in California Now Underway Prior to Holidays
Bank Branches Closing in Illinois
Below is a list of bank branches that have recently closed and are closing in Illinois soon:
- Bank Of America. 2 N. Riverside Plaza, Chicago.
- JP Morgan. 5341 N Lincoln Ave, Chicago
- PNC Bank. 302 West Adams St, Chicago.
- Bank of America. 68 Stratford Dr, Bloomingdale
- Bank of America. 2400 N. Richmond Rd, McHenry
- JP Morgan. 3480 West 183rd St, Hazel Crest
- PNC Bank. 13470 Route 59, Plainfield
- JP Morgan. 1000 W. Randolph St, Chicago
- JP Morgan. 923 West Washington Blvd, Chicago
- Home State Bank. 5999 Northwest Hwy, Crystal Lake
- PNC Bank. 13470 S Route 59, Plainfield
- Old Plank Trail Community Bank. 200 West 162nd Street, South Holland.
- Bank of America. 2 N. Riverside Plaza, Chicago
- JP Morgan. 7007 West Dempster St, Niles
- JP Morgan. 935 West Armitage Ave, Chicago
- JP Morgan. 4854 West Irving Park Rd, Chicago
- JP Morgan. 923 West Washington Blvd, Chicago
- JP Morgan. 600 North Dearborn, Chicago
- JP Morgan. 2365 North Farnsworth Ave, Aurora
- JP Morgan. 444 South Rand Rd, Lake Zurich
- JP Morgan. 1289 South Rand Rd, Lake Zurich
- Associated Bank. 300 N Lasalle, Chicago
- Citibank 227 West Monroe St, Chicago
- JP Morgan. 2968 N. Lincoln Ave, Chicago
- JP Morgan. 50 Skokie Blvd, Wilmette
- JP Morgan. 5200 Dempster St, Skokie
- JP Morgan. 4200 Dempster St, Skokie
- BMO Bank. 9731 Skokie Blvd, Skokie
- Wells Fargo. 10 S. Wacker Drive, Chicago
- Huntington NB. 4355 N. Sheridan Rd, Chicago
- Huntington NB. 5667 W Touhy Ave, Niles
- Keybank. 101 West Lawrence Ave, Chicago
- Keybank. 1301 Meijer Dr, Rolling Meadows
Also Read: A New Wave of Massive Layoffs Now Hits Wisconsin
Other Economy News Today
Another popular company now files for unexpected bankruptcy after falling behind on upwards of $10 million in liabilities.
Disco skin-care brand said in a filing it had between 50 and 99 creditors and estimated liabilities between $1 million and $10 million.
Unfortunately for customer who had pre-paid orders, the company said it that it would not have any money left over for unsecured creditors.
The voluntary Chapter 7 filing was made by the company’s president and sole director, Benjamin Smith.
Disco’s Instagram page is still up, but all its sales pages have been removed.
The company has not posted officially about the bankruptcy, but Smith on his LinkedIn spoke to what had happened, reports TheStreet.
Disco sold what it called science-backed skin-care products for men.
The company called its products “effective formulas made with clean ingredients.”
Smith apologized to customers who will not get their orders, vendors who will not get paid, and investors (including family and friends) who have lost their money.
He said the company had been successful and between 2020 and 2021 had raised $8 million.
“Unfortunately for us, 2022 and 2023 had different plans for our business. We struggled to raise capital to fund the business. As our cash position waned, our debt load grew,” he wrote.
Smith said that the company explored multiple options to survive.
That included continued efforts to raise money and multiple attempts to be acquired.
The company had also looked into a Chapter 11 filing.
“In a bid to salvage the business, we reduced our burn rate, right-sized our unit economics, and maintained a lean team,” he added.
Smith was forced to abruptly close the company when its lender foreclosed on its loan.
That took all restructuring off the table and caused the company not to ship orders to “thousands of subscribers,” according to Smith’s post.
Also Read: A US Company Now Declares An Unexpected Bankruptcy
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