The current wave of bank closures is once again being attributed to the continued rise in popularity of online banking.
Online Banking Blamed for Recent Wave of Bank Closures
A Note from the Author
Note from the Author
The information presented in this article is sourced from official corporate postings and credible media reports. The relevant sources for this information include the Office of the Comptroller of the Currency (OCC) and The-Sun.com. It is important to note and acknowledge the sources of information to ensure transparency and accuracy in reporting.
Introduction
Several large bank branches in New York are set to close permanently this month, according to the Office of the Comptroller of the Currency (OCC) and numerous media sites.
Let us investigate.
U.S. Banks in 2023
As per a report by FrankNez.com, several New York bank branches are set to close down between September and October.
- Santander Bank. 717 Manhattan Ave, Brooklyn
- Flagstar Bank. 1445 Richmond Ave, Staten Island
- Flagstar Bank. 350 Motor Parkway, Hauppauge
- Flagstar Bank. 1351 Forest Ave, Staten Island
- Flagstar Bank. 3501 Amboy Rd, Staten
- Flagstar Bank. 335 Nesconset Hwy, Hauppage
- Flagstar Bank. 2656 Hylan Blvd, Staten Island
- Keybank. 3083 Carman Rd, Rotterdam
- JP Morgan. 533 5th Ave, Brooklyn
As reported in previous publications, roughly 8,000 banks were in existence in 2000, according to data from the Federal Deposit Insurance Corporation (FDIC), but by 2022, this amount had been cut in half. This is a trend that analysts expect will continue to expand as the popularity of online banking entices the broader public.
It should be emphasized that the preceding list is not exhaustive, but cross-referencing with the OCC bulletin demonstrates that it is the most recently updated and correct.
Read More:
