Philly, PA Lead Nation in Bank Closings

And the trend could accelerate as technology evolves.

Philadelphia Business Journal reports that Philly and Pennsylvania lead the nation in bank branch closings—Pennsylvania with 101 branches closed last year; with half of those coming from the city. (Jeff Blumenthal, the reporter, explains the number is net closings, meaning 101 more banks closed than opened overall.)

The process seems likely to accelerate, says Rick Weiss, an analyst with Boenning & Scattergood. “Right now, banks are trying to serve two generations,” Weiss said. “You have an older generation that likes bank branches and a younger generation that doesn’t use them as much. So as time goes on, I think you will see more closings unless banks can figure out a way to make their branches like Starbucks where people want to hang out in them.”

 

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