Banks continue to close branches in Cincinnati, sparking fears of a banking desert for some communities.
Business closures continue to impact Ohio- it seems that more locations are closing their doors every day.
This time it is a bank that has announced it will close two of its locations in Cincinnati, Ohio PNC Bank, which operates 2,629 branches in 27 states, has announced it will be closing 47 of these branches. Last year, they closed 135 in-store locations.
PNC Bank isn't alone as banks continue to close branches across the United States. In 2000 there were 8000 banks in the country, now there is half that number.
Bank deserts
Last year over 130 bank branches were closed in Ohio, including major banks such as Wells Fargo and Bank of America.
While some people do their banking online, many still prefer to visit a branch to conduct their finances, so this announcement will cause some concern. According to CNBC, these closures result in “banking deserts, when communities are without access to a bank or credit union within 10 miles. Several studies have shown these communities are more likely to use non-traditional and high-fee lending options such as payday loans and check-cashing services, which increases financial inequities and ends up widening the wealth gap."
PNC Branches in Cincinnati closing
- West Price Hill branch located at 4221 Glenway Ave.
- Alexandria branch at 8210 E. Main St
These stores are all scheduled to close on June 23.
"PNC recognizes that branches continue to play an important role for many customers when it comes to conducting certain transactions and holding important in-person financial conversations with our banking experts, which is why we routinely evaluate our branch network, together with our other available methods of banking, to determine if we are most effectively meeting our customers' needs.
After a careful review of our business model, PNC's strategic goals and the potential impact to our customers, the decision was made to close 47 branches on June 23, 2023. We remain committed to delivering on our purpose to move all forward financially, and we are confident that we can meet or exceed our customers' needs at nearby branch locations, alongside other available methods of banking" PNC Spokesperson
For the latest list of all stores closing in Ohio, please check out this article. To keep up to date with the latest retail and business developments in Ohio, make sure to follow me.
Your thoughts
Do these branch closures affect you? Will you move to online banking? Are you concerned about the number of businesses closing in Ohio? Should the government offer financial support for people losing their jobs?
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