Financial Institutions Scale Back: Illinois to Witness More Major Bank Branch Closures
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Major banks continue to push customers toward online banking as they close locations across the United States.
Each week the Office of the Comptroller of the Currency (OCC) releases a bulletin of banks set to close, and the list continues to grow. Several more Illinois bank locations have been recently added to the list.
- Home State Bank. 5999 Northwest Hwy, Crystal Lake
- 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
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.
One report states, “If the trend of current bank branch closings continues, there may be no bank branches left in 10 years.”
While some people do their banking online, many still prefer to visit a branch to conduct their finances, so these closures will cause some concern to some customers.
Below are the bank locations set to close in Illinois.
Branches in Illinois Recently Closed
- 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
Branches in Illinois Set to Close
- Old Plank Trail Community Bank. 200 West 162nd Street, South Holland.
- Home State Bank. 5999 Northwest Hwy, Crystal Lake
- 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
I will continue to update this list, so if you wish to be updated with the latest developments, make sure you click the follow button.
Your thoughts
Do these branch closures affect you? Will you move to online banking? Should branches stay open for people who prefer to conduct their banking in person? Do you have confidence in your local bank? Will you switch to a credit union?
Please leave your thoughts in the comment section below and share this article on social media and with others so more people can join the discussion.
