At a time when bank branches around the country have been shuttering their doors, Ohio has borne the brunt of dozens of them this year.
Over the past six months, 539 branches have been shuttered by various banks, with Wells Fargo and Chase being among the most prolific of them, as reported by the Daily Mail.
For the year thus far, 29 bank branches in Ohio have closed, ranking it among the states most hit by this trend.
If this trend continues, the outlet predicts that by the end of the year, over a thousand branches could vanish from shopping centers, town centers, and city streets across the country.
Reporter Ash Jurberg of NewsBreak expresses grave worries about the future of banking accessibility in Ohio, particularly for individuals who depend on in-person services, due to the large-scale customer exit.
“When communities are left without access to a bank or credit union within 10 miles, it can lead to “banking deserts”!”
Payday loans and check-cashing services are examples of non-traditional lending choices that citizens in places where bank closures are widespread are more inclined to use, which unfortunately widens the wealth gap between them and the rest of the country.
According to the National Community Reinvestment Coalition, communities suffer many negative consequences whenever bank branches shut down.
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As an example, small company loans and activity in the area usually tend to drop.
This also makes more people susceptible to potentially unscrupulous financial services.
Has any Ohio bank shut down branches so far this year?
See the following list of Ohio bank branch closings:
- Address: 3979 Medina Road, Akron, Ohio, Citizens Bank
- Bank of America Cedarville, 64 North Main Street; Bank of America Chardon, 100 Center Street; JPMorgan Chase Bank of America
- Ohio, JPMorgan Chase Bank, 867 Wyler Park Drive, Cincinnati
- Locate Cincinnati at 7553 Bridgetown Road, LCNB NB
- 800-Superior Avenue, KeyBank Cleveland
- Located at 1350 Euclid Avenue in Cleveland, with U.S. Bank
- Located at 1710 North High Street in Columbus was Principal Financial
- Located at 5900 Britton Parkway in Columbus, Ohio, and 1435 West Broad Street in PNC Hospital, Forrest NB
- Ohio locations include Cuyahoga Falls at 2226 State Road, U.S. Bank Dayton at 3465 York Commons Boulevard, Forrest NB
- United States Bank of Delaware, 801 N. Houk Road, 7725 Hoke Road, Englewood Forrest NB
- U.S. Bank Madison; Farmersville; 6067 North Ridge Road; Woodforest, New Brunswick
- U.S. Bank Malvern is located at 123 North Reed Avenue; Fifth Third Bank Mason is at 5100 Terra Firma Drive; and Citizens Bank Massillon is at 115 Tommy Henrich NW.
- A few locations: Medina (275 Forest Meadows Drive), Proctorville (7537 County Road), Sandusky (207 West Washington Row), and First FS&LA (Facility, State, and Local Affairs).
- You can find these banks in Sheffield Village: PNC Bank at 5320 Abbe Rd; Shelby at 85 West Main Street; Sugarcreek at 214 North Factory Street; Tipp City at 5129 S County Rd 25A; New Carlisle FSB.
- Citizens Bank, Uniontown, 3875 Massillon Road
- The addresses include Windham (8950 Maple Grove Road), Zanesville (14 South Fifth Street), and Farmers’ NB of Canfield (8955 Maple Grove Road).
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