Banking Exodus in Georgia Continues: Additional Locations Set to Close

Ash Jurberg

Georgia Faces Wave of Bank Closures with More Locations Shutting Down

The latest list of bank branches to be closed has been released, and once again, locations in Georgia are on the list. This week, four more branches in Georgia have been listed to close in the coming weeks.

  • Wells Fargo. 3019 Buford Hwy, N.E. Atlanta
  • Wells Fargo. 5703 Waters Ave, Savannah
  • Wells Fargo. 3325 Sugarloaf Parkway, Lawrenceville
  • Bank of America. 5695 Fulton Industrial Blvd, S.W. Atlanta

It continues a trend of bank closures in Georgia and the United States. Between 2017 and 2021, nine percent of all branches — almost 7,000 locations— shut their doors.

Unfortunately, this is heavily impacting some communities and leading to more Georgians living in 'banking deserts' where there are no bank branches within two miles in an urban area, five miles in a suburban area, and 10 miles in a rural area.

CNBC reports this leads to "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."

Bank failures in Georgia

While major banks such as Bank of America and Wells Fargo continue to close locations and push customers online, some banks have disappeared altogether.

A recent report from MyEListing.com, a commercial real estate data and listing platform, highlighted where most banks have failed, at both the city and state level, between 2000 and 2023.

It is bad news for Georgia with the report finding, "Georgia has the highest number of bank failures, with 93 bank failures accounting for 16.43% of the 566 total bank failures since 2000."

The long list includes banks such as The Bank of Georgia, The Woodbury Banking Company, Georgia Trust Bank, and the Central Bank of Georgia. The report states:

"The unsettling truth is that these aren't mere figures; they represent people's life savings, small businesses on the brink of closure, families struggling to cope, and communities trying to find their footing in an unstable economy."

Your thoughts

Do these branch closures affect you? Will you move to online banking? Will you switch to a credit union? Should branches stay open for people who prefer to conduct their banking in person? Do you have confidence in your local bank?

Please leave your thoughts in the comment section below and share this article on social media and with others so more people can join the discussion.

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