More massive banks in Illinois will now shutter soon according to the latest filings with the Office of the Comptroller of the Currency (OCC).
Last week, five new locations have been added to the growing list of bank closures in Illinois.
This time, Associated Bank announced it is closing several locations in Illinois as part of a strategy to consolidate its physical presence, per Biz Journal.
“Since 2020, we have seen an industry-wide acceleration to digital banking, based on increased customer adoption.
Our branch, call center and strong digital capabilities allow customers to bank with us on their terms and require a smaller branch network,” a spokesperson said.
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 older 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 soon:
Also Read: Massive Layoffs in California Now Underway Prior to Holidays
List of Banks Closing in Illinois
Below is a full list of massive banks closing in Illinois soon:
- 200 East Randolph Dr, Chicago
- 1 Junction Dr West, Glen Carbon
- 105 East State Street, Hamel
- Bank Of America. 2 N. Riverside Plaza, Chicago.
- Chicago PB. 10 S. Wacker Dr, Chicago
- PNC Bank. 5650 South Brainard Ave, Countryside
- 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
- 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
- PNC Bank. 1140 N Main St, Gainesville
- PNC Bank. 2217 W Market St, Bloomington
- PNC Bank. 1949 E Sangamon Ave, Springfield
Also Read: A Massive Bank Now Closes Several Branches in Florida
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