Ohio has now had dozens of painful bank closures this year, while the United States has seen bank branch closures around the country.
According to the Daily Mail, banks have eliminated a total of 539 branches in only six months, with Wells Fargo and Chase leading the way.
Ohio has witnessed 29 bank branch closures this year, making it one of the hardest-hit states in the country.
If this trend continues, more than 1,000 branches could disappear from malls, town centers, and city streets across the country by the end of the year, according to the survey.
“This mass departure raises serious concerns about the future of banking accessibility in Ohio, especially for those who rely on in-person services,” writes NewsBreak journalist Ash Jurberg.
“These closures can lead to “banking deserts” when communities are left without access to a bank or credit union within 10 miles.”
Unfortunately, research has shown that citizens in areas where bank closures are widespread are more likely to turn to non-traditional and high-cost lending choices like payday loans and check-cashing services, exacerbating the wealth disparity.
The National Community Reinvestment Coalition warns of various negative consequences for communities when bank branches close.
Small company credit and activity in the region, for example, often fall.
This exposes more people to potential unscrupulous financial services.
Which banks shuttered branches in Ohio this year?
Here’s a list of Ohio bank branch closures:
- Akron, 3979 Medina Road, Citizens Bank.
- U.S. Bank is located at 64 North Main Street in Cedarville
- JPMorgan Chase Bank is at 100 Center Street in Chardon.
- Cincinnati: 867 Wyler Park Drive, JPMorgan Chase Bank
- Cincinnati: 7553 Bridgetown Road, LCNB. NB
- Cleveland, 800 Superior Avenue, KeyBank
- Cleveland, 1350 Euclid Avenue, United States Bank.
- Columbus: 1710 North High Street, KeyBank
- Columbus locations include 1435 West Broad Street
- PNC Bank, and 5900 Britton Parkway. Woodforest NB
- Cuyahoga Falls: 2226 State Road, U.S. Bank
- Dayton: 3465 York Commons Boulevard. Woodforest NB
- Delaware: 801 N. Houk Road, U.S. Bank
- Englewood: 7725 Hoke Road. Woodforest NB
- Farmersville: 38 North Broadway Street
- U.S. Bank; Madison: 6067 North Ridge Road, Woodforest, NB.
- Malvern: 123 North Reed Avenue, U.S. Bank
- Mason: 5100 Terra Firma Drive, Fifth Third Bank
- Massillon: 115 Tommy Henrich NW, Citizens Bank.
- PNC Bank, Medina (275 Forest Meadows Drive)
- U.S. Bank, Proctorville (7537 County Road), and First FS&LA,
- Sandusky (207 West Washington Row)
- Sheffield Village: 5320 Abbe Rd, PNC Bank; Shelby: 85 West Main Street
- U.S. Bank; Sugarcreek: 214 North Factory
- Street, U.S. Bank; Tipp City: 5129 S County Rd 25A, New Carlisle FSB.
- Uniontown, 3875 Massillon Road, Citizen Bank
- Windham is located at 8950 Maple Grove Road in Farmers’ NB near Canfield
- Zanesville is at 14 South Fifth Street in Park NB.
Are you concerned about the bank branch closures that occurred today in the United States? Share your opinions in the comments area below.