It’s becoming increasingly common for banks to announce they are closing branches throughout the United States, including popular national banks.
American Banker noted recently that the closing of bank branches can be attributed to several factors, a major one being the continued popularity and convenience of online banking. After all, if you can do almost all forms of banking without stepping foot into an actual bank, how many branches are ultimately needed?
Another factor that can contribute to the banks closing branches in a community is cost-cutting as it can be expensive to operate when you factor in rent, utilities, and other expenses. This is an even easier decision if a branch is underperforming…