{"id":30169,"date":"2023-10-27T20:13:54","date_gmt":"2023-10-27T20:13:54","guid":{"rendered":"https:\/\/microloannexus.com\/news\/supermarket-bank-branches-are-closing-7-times-faster-than-other-locations\/"},"modified":"2023-10-27T20:13:55","modified_gmt":"2023-10-27T20:13:55","slug":"supermarket-bank-branches-are-closing-7-times-faster-than-other-locations","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=30169","title":{"rendered":"Supermarket bank branches are closing 7 times faster than other locations"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-6-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p>American banks have been shuttering branches located within supermarket chains at a rate seven times faster than other locations amid the industry&#8217;s profit squeeze and customers&#8217; migration to digital channels.<\/p>\n<p>Banks closed 10.7% of their in-store branches in the year ending June 30, according to Federal Deposit Insurance Corporation data. The closure rate for other branches was 1.4% during that period.<\/p>\n<p>Most branches within grocery stores are operated by regional banks, which have been under pressure since the March collapse of Silicon Valley Bank. <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-3\">PNC<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span>, <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-4\">Citizens Financial<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> and <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-5\">U.S. Bank<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> shut the most in-store locations during the 12-month period at chains including Safeway and Stop &amp; Shop. Among retailers, <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-6\">Walmart<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> houses the most bank branches with 1,179, according to an S&amp;P Global report released this week.<\/p>\n<p>While the financial industry has been closing branches for years, the pace accelerated sharply in 2021 after the Covid-19 pandemic turbocharged the adoption of mobile and online banking. That year, banks closed nearly 18% of their in-store branches and 3.1% of other locations, S&amp;P Global said.<\/p>\n<p>&#8220;In-store branches have fallen out of favor at many banks,&#8221; said Nathan Stovall, head of financial institutions research at S&amp;P Global Market Intelligence. &#8220;We&#8217;ve seen banks look to shrink their branch networks, with a focus on cutting less-profitable branches that generate less customer traffic and fewer loans and high net worth accounts.&#8221;<\/p>\n<p>Banks began building branches inside supermarkets in the 1990s because the scaled-down locations were far cheaper to set up than regular locations. But the industry now views branches as a place to entice customers with wealth management accounts, credit cards and loans rather than just a place to withdraw money, and that favors full-size branches.<\/p>\n<p>The pace of closures has slowed since the 2021 peak but is still at an elevated level compared to before the pandemic. For instance, in 2019, banks shut 4.2% of in-store locations and 1.7% of other locations.<\/p>\n<p>The moves come as the industry is adjusting to higher funding costs as customers have moved balances into higher-yielding options such as money market funds. U.S. banks registered a 15% decline in deposits from in-store branches, while deposits at other branches fell 4.7% in the year ending June 30, according to the FDIC.<\/p>\n<p><em><strong>Don&#8217;t miss these CNBC PRO stories:<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/10\/27\/supermarket-bank-branches-closing.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>American banks have been shuttering branches located within supermarket chains at a rate seven times faster than other locations amid the industry&#8217;s profit squeeze and customers&#8217; migration to digital channels. Banks closed 10.7% of their in-store branches in the year ending June 30, according to Federal Deposit Insurance Corporation data. The closure rate for other<\/p>\n","protected":false},"author":1,"featured_media":30170,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-30169","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Supermarket bank branches are closing 7 times faster than other locations | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"American banks have been shuttering branches located within supermarket chains at a rate seven times faster than other locations amid the industry&#039;s\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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