Pennsylvania’s Banking Landscape Shifts as More Branches Set to Close in Growing Trend | Ash Jurberg
Ripple Effect: Growing Trend of Bank Branch Closures Looms Over Pennsylvania
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. 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.
I continue to update readers on bank closures, and unfortunately, for Pennsylvania customers, a few more banks have been added to the ever-growing list.
New additions to the bank closure list in Pennsylvania
- Wells Fargo. 1840 Airport Rd, Allentown
- Wells Fargo. 600 Penn St, 2nd Floor, Reading
- Wells Fargo. 555 E Lancaster Ave, Suite 400, Radnor
Branches in Pennsylvania Closing
This is the current list of closures over the next three months.
- Citizens Bank. 2748 Route 611 Tannersville
- JP Morgan. SWC of W Trenton Ave and Plaza Blvd, Morrisville
- Wells Fargo. 210 West Main Street, Lansdale
- BNY Mellon. 500 Grant St, Pittsburgh
- Santander Bank. 4452 Oakhurst Blvd, Harrisburg
- Santander Bank. 313 West Cypress St, Kennett Square
- Citizens Bank. 1919 Easton Rd, Willow Square Citibank. 1995 41st Ave, Capitola
- Citizens Bank. 983 Wyoming Ave, Forty Fort
- Woodforest NB. 2351 Century Dr. West Miflin
- PNC Bank. 2430 East Market St, York
- Wells Fargo. 702 N. 7th St, Allentown
- Wells Fargo. 1 S. Church St, Quarryville
- First NB of Pennsylvania. 2550 Brownsville Rd, Library
- Wells Fargo. 1886 Bethlehem Pike, Flourtown
- Santander. 1513 Bethlehem Pike, Hatfield
- Santander. 9200 Roosevelt Blvd, Philadelphia
- Wells Fargo. 1840 Airport Rd, Allentown
- Wells Fargo. 600 Penn St, 2nd Floor, Reading
- Wells Fargo. 555 E Lancaster Ave, Suite 400, Radnor
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. In particular, bank closures have been hitting low-income and majority-minority communities.
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 majority-minority.”
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?
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.
