PITTSBURGH — Banks are closing in-store branches at an accelerated clip. In fact, 17.4% of branches inside shops, stores and supermarkets were shuttered in 12 months compared to a closure rate of 3.1% for all other branches, according to a recent report by S&P Global Market Intelligence.
The national data is for the year ended June 30, 2021, the close of the Federal Deposit Insurance Corp.’s fiscal year.
Since 2015, banks have closed 37% of in-store branches nationwide. S&P Global noted that the rate was so great in 2021 that it helped drive a year-over-year decrease in deposits at a time when a crush of liquidity — due chiefly to government stimulus programs spurred by the Covid-19 pandemic — boosted deposit levels dramatically across the industry.
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