Banks Trim Their Branches, Adding to Empty Storefronts
According to a study by the National Community Reinvestment Coalition (NCRC), in the last few years, bank mergers and the increased adaptation of online banking have resulted in banks closing branches. In fact, from 2017 to June 2020, more than 5.1% of all U.S. bank branches have closed. While some banks will still open new branches, technology, digitalization, and the need to reduce expenses have all contributed to the reductions in branches. We expect this trend to continue, as the Coronavirus Disease (COVID-19) pandemic has accelerated digital banking acceptance, kept the interest rate environment low, and pressured net interest margins, forcing banks to reduce costs.
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