Home Philly Fed Says ‘Banking Deserts’ Are Growing; Does It Matter — and How Much is a Mirage?
Philly Fed Says ‘Banking Deserts’ Are Growing; Does It Matter — and How Much is a Mirage?
A Philadelphia Federal Reserve Bank analysis indicates that branch closures between 2019 and 2023 created more 'banking deserts.' But with digital banking adoption accelerating, does the closure trend matter?
The five states seeing the largest decrease in branches relative to 2019 totals included Virginia (down 12.5%), Maryland (down 12.1%), New Jersey (down 11.7%), Oregon (down 9.9%) and Pennsylvania (down 9.8%).
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