The ongoing popularity of online banking is once again considered the root cause of the current spate of closures.
Author’s Note
This article is based on corporate postings and accredited media reports. Linked information within this article is attributed to the following outlets: Office of the Comptroller of the Currency (OCC) and The-Sun.com.
Introduction
Several major bank branches in the state of New York are scheduled to permanently shutter this month, as listed with the Office of the Comptroller of the Currency (OCC) and various media outlets.
Let us explore.
U.S. Banks, 2023
According to a report from FrankNez.com, the following New York bank branches are scheduled to close between September and October:
- Santander Bank. 717 Manhattan Ave, Brooklyn
- Flagstar Bank. 1445 Richmond Ave, Staten Island
- Flagstar Bank. 350 Motor Parkway, Hauppauge
- Flagstar Bank. 1351 Forest Ave, Staten Island
- Flagstar Bank. 3501 Amboy Rd, Staten
- Flagstar Bank. 335 Nesconset Hwy, Hauppage
- Flagstar Bank. 2656 Hylan Blvd, Staten Island
- Keybank. 3083 Carman Rd, Rotterdam
- JP Morgan. 533 5th Ave, Brooklyn
As excerpted from the report: As stated in previous reports, according to data from the Federal Deposit Insurance Corporation (FDIC), approximately 8,000 banks were in operation in 2000, but by 2022, this figure was halved. This is a trend that analysts predict will continue to grow as online banking popularity entices the broader market.
As a disclaimer it should be noted the above list may not be complete, though cross-referencing with the OCC bulletin illustrates it is the most recently-updated and accurate.
Conclusion
The ongoing closures of New York-based bank branches is a developing story. In the event of pertinent updates to these matters, inclusive of other closings and official announcements of target dates, I will share them here on NewsBreak.
