This Massive Bank Is Now Closing More Branches in Pennsylvania

This massive bank is now closing more branches in Pennsylvania according to new data from the Office of the Comptroller of the Currency.

The latest bank branch closures in Pennsylvania are only part of a broader national trend.

Between 2017 and 2021, nearly 7,000 bank branches, or 9% of all branches closed, reports AS.

This decline in physical banking facilities has led to “banking deserts,” areas where access to traditional banking services is increasingly limited.

TD Bank has advised that it will be closing a total of four new branches in Pennsylvania:

  • 3760 FAIRVIEW STREET BETHLEHEM
  • 256 SOUTH YORK ROAD HATBORO
  • 4309 SKIPPACK PIKE SKIPPACK
  • ROMA CORPORATE CENTER ALLENTOWN

Most of the branches currently being shut are typically found in cities where another location exists, leaving customers with an office in case they require in-person assistance, reports AS.

For example, Bank of America is closing a branch in San Marcos, Los Angeles, and Anaheim, all home to additional locations.

However, the National Community Reinvestment Coalition highlights that branch closures can lead to a decrease in small business lending, an increase in reliance on less regulated financial services, and the loss of important commercial entities and job opportunities in affected communities.

Big banks such as PNC Bank and JPMorgan Chase filed for closing several of their branches in multiple states last year amid a troubling pattern of rising branch shutdowns over the several past years.

“This trend raises crucial questions about the future of banking, particularly for vulnerable and elderly customers who may find themselves disproportionately affected by these changes,” says Ash Jurberg.

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Also Read: Retirees Will Now Receive More Money For Social Security

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Market News Today - This Massive Bank Is Now Closing More Branches in Pennsylvania.
Market News Today – This Massive Bank Is Now Closing More Branches in Pennsylvania.

A massive Florida restaurant is now headed towards bankruptcy as it looks to renegotiate leases and address other long-term contracts.

Red Lobster, which started in Lakeland, Florida, in the late 1960s, is considering a Chapter 11 bankruptcy filing, according to multiple news sources.

In a Bloomberg report citing sources familiar with the discussions, the seafood chain is considering a bankruptcy filing to renegotiate ‘burdensome leases and address other long-term contracts, as well as rising labor costs’.

According to Bloomberg, the chain has been finding it difficult to make money with their current leases and labor costs.

It has also been reported by CNN they suffered a whopping $12.5 million operating loss in the fourth quarter of 2023, despite its popular endless shrimp promotion.

By filing for Chapter 11 bankruptcy, the company would stay open while it reorganizes funds to pay off existing debt over time, seeking to continue with better financial footing.

Bloomberg also reported Red Lobster is being advised by law firm King & Spalding on the subject.

Any discussions about restructuring are ongoing and no final decisions have been made about a bankruptcy filing as of April 18.

This year, Red Lobster owner Thai Union Group revealed that it intended to exit its minority investment in the sea food chain.

“The combination of Covid-19 pandemic, sustained industry headwinds, higher interest rates and rising material and labor costs have impacted Red Lobster, resulting in prolonged negative financial contributions to Thai Union and its shareholders,” Thiraphong Chansiri, Thai Union Group’s CEO, said in a news release.

Red Lobster brought in Jonathan Tibus as its new CEO last month, according to Fox Business.

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Also Read: Giant Restaurant Now Makes An Unexpected Closure in South Carolina

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Market News Today - This Massive Bank Is Now Closing More Branches in Pennsylvania.
Market News Today – This Massive Bank Is Now Closing More Branches in Pennsylvania.

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