Unexpected Bank Closures in Pennsylvania Are Now Rising

Unexpected bank closures in Pennsylvania are now rising according to the latest data from the Office of the Comptroller of the Currency.

Several more nationwide bank closures have been announced this week including two additional in Pennsylvania:

  • Citizens Bank. 6601 Roosevelt Blvd, Philadelphia (NEW)
  • Citizens Bank. 1 East Maun St, Lititiz (NEW)

Below is the latest list of bank branches closing in Pennsylvania this year:

  • Bank of America. 3475 Aramingo Avenue, Philadelphia
  • Bank of America. 3100 Garrett Road, Drexel Hill
  • Bank of America. 6 East Trenton Avenue, Morrisville
  • Bank of America. 2439 Welsh Road, Philadelphia
  • PNC Bank. 202 N Walnut St, Bath
  • PNC Bank. 301 West Trenton Ave, Morrisville
  • PNC Bank. 14 N Main St, Plains
  • PNC Bank. Two North Mill St, New Castle
  • PNC Bank. 1969 E 3rd St, Williamsport

Last month, PNC Bank announced that several layoffs would occur within the business.

PNC employs over 60,000 people nationwide and is one of the largest financial businesses in the U.S.

“We make decisions to close branches as customer needs evolve,” PNC said in a statement.

“As always, we will continue to invest in — and optimize — our branch network alongside our other core banking channels to serve our customers in the most effective way we can.”

CNBC reports that “according to the National Community Reinvestment Coalition, one-third of the branches closed from 2017 to 2021 occurred in areas that were predominately lower-income and minority areas.”

And according to data from the Federal Deposit Insurance Corporation (FDIC), approximately 8,000 banks were in operation in 2000, but by 2022, this figure was halved.

Also Read: Massive Layoffs in California Now Underway Prior to Holidays

Other Banking News Today

Market News Today - Unexpected Bank Closures in Pennsylvania Are Now Rising.
Market News Today – Unexpected Bank Closures in Pennsylvania Are Now Rising.

A bank now fails to prevent a retiree from losing all her money after the Memphis, Tennessee, resident fell victim to scammers.

Maureen Rosenblum, 88, is now demanding she be compensated $500,000 by her bank after losing $120,000 to the fraudsters.

She claims her bank failed to prevent the fraudulent charges.

Her son, attorney Jeffrey Rosenblum, claims that his mom’s bank allowed the fraudulent transactions to occur.

According to the suit, Regions Bank approved two large transactions from Maureen in late November of last year.

“She got a message on her laptop,” the attorney reported.

“One of the things she enjoyed doing is getting on Facebook and emailing her friends who moved away from Memphis, and she sees this message, ‘Your computer’s been hacked!’ and she panicked.”

Maureen contacted the fraudsters soon after, ultimately losing her $120,000 in life savings after wiring the money from her financial institution, Regions Bank.

On November 28, Rosenblum worked with his mother to file a lawsuit against the bank, claiming they should have prevented their client from taking out the cash to pay the scammers, reports The-Sun.

They’re asking for at least $500,000 for Regions Bank’s alleged “negligence” in letting the 88-year-old withdraw the considerable funds.

The scammers claimed to be part of Microsoft’s “fraud department,” per the suit.

A man who referred to himself as “Josh” then told Maureen over the phone that she should transfer at least $95,000 to “protected accounts” so her money wouldn’t be stolen from the “hack,” the suit continued.

The fraudster then allegedly gave Maureen the information for an account at Hang Seng Bank in Hong Kong, China, for the money to be wired.

According to the lawsuit, Maureen also claimed Josh told her to inform employees at Regions Bank that the excess funds were for a family emergency when asked.

The first $95,000 wire transfer was approved, per the suit, and Maureen went back only one day later for another transfer of $25,000.

“She was told by this ‘Josh’ fella to go back to the bank the following day and to wire $25,000 more to a man called Shen Ciao Hsin at Standard Charter Bank in Hong Kong and Regions Bank again allowed her to do it,” Rosenblum claimed.

Maureen is now requesting $500,000 in damages from the financial institution along with the $120,000 she lost, the suit states.

Also Read: The US Treasury Direct is Now Freezing Customer Accounts

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Market News Today - Unexpected Bank Closures in Pennsylvania Are Now Rising.
Market News Today – Unexpected Bank Closures in Pennsylvania Are Now Rising.

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