New Report: Bank Branch Closures and Banking Deserts in PA, NJ, and DE
Posted by Federal Reserve Bank of Philadelphia on February 28, 2023
A new Philadelphia Fed report finds that the loss rate of bank branches in the Third District states of Pennsylvania, New Jersey, and Delaware more than doubled during the pandemic.
Here are some of the highlights from the study:
- The three states combined experienced a net loss of 627 branches and a significant increase in the number of banking deserts, census tracts without nearby bank branches, during the pandemic.
- The number of lower-income, non-White, or rural banking deserts increased from six to 11 from 2019 to 2022.
- The share of low- and moderate-income (LMI) individuals living in banking deserts increased by 30 percent.
- Increasing bank branch closures are a cause for concern, as banking deserts can limit opportunities for lower-income residents to improve their financial health and accrue wealth.
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