The Entire Banking System Is Shaking

[1LoverofGod]

Over 60 major bank branches filed to close in the same week earlier this month, as banks continue to close physical locations in favor of expanded online banking.

According to information posted by the United States Office of the Comptroller of the Currency, 64 total bank branches filed for closing between Nov. 12 and 18.

ZeroHedge reported that the bank with the highest amount of reported closings was PNC Bank, which is America’s sixth-largest bank. PNC filed paperwork to close 19 bank branches in Pennsylvania, Illinois, Alabama, Indiana, New Jersey, Texas, Florida, and Ohio as the banking giant continues to cut costs.

As part of PNC’s second-quarter earnings call, PNC CEO William Demchak explained the bank is “going to take a hard look” at how the company can “generate savings” without forcing the bank to cut its potential for future growth.

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60+ major bank branches file to close in a single week

Over 60 bank branches filed to close in the same week earlier this month, as banks continue to close physical locations for online banking.

americanmilitarynews.com

 

[mattfivefour]

No loss to me. I gave up Chase a few years ago in favor of a small, personal bank where everybody knows my name (and I know theirs) and which has a solid track record and excellent capitalization. Wouldn't go back to Chase or any other megabank for all the incentives in the world.

 

[Tall Timbers]

Most bank customers won't notice the branches are gone because their banking habits have changed. That's why the branches are closing. Those who haven't adapted their banking practices to modern times need only move their business to a bank that still has a branch in their town.

 

[Tall Timbers]

I'm not surprised that the Cheyenne branch will stay open. For some reason they're still building new banks in this town even though we already have a great many.