Ohio Faces Widespread Bank Branch Closures Amid National Trend

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If you've been noticing fewer bank branches around Ohio, you're not imagining things. The Buckeye State is among those feeling the pinch of a significant wave of bank closures sweeping across the U.S. this year.

So far in 2024, Ohio has seen 29 bank branches shut their doors, adding to a staggering total of 539 closures nationwide in just the first half of the year. Major players like Wells Fargo and Chase are leading the charge in this trend, making it clear that the banking landscape is shifting dramatically.

This surge in closures is causing quite a stir, with concerns mounting over the future accessibility of banking services, particularly for those who depend on in-person interactions. According to locals, these closures could lead to "banking deserts" — areas where people might struggle to find a bank or credit union within a reasonable distance. And this isn't just a minor inconvenience; it could have some serious repercussions.

Residents in these so-called banking deserts often end up relying on costly, non-traditional financial services, such as payday loans and check-cashing services. Not only does this make financial services more expensive for them, but it also exacerbates the wealth gap. The National Community Reinvestment Coalition warns that these closures can have a ripple effect on local economies. Small businesses, for instance, might find it harder to secure loans, which can stifle economic activity and make communities more vulnerable to predatory financial practices.

Curious about which banks have pulled out of Ohio this year? Here’s a rundown of some notable closures:

• Akron: Citizens Bank at 3979 Medina Road
• Cedarville: U.S. Bank at 64 North Main Street
• Chardon: JPMorgan Chase Bank at 100 Center Street
• Cincinnati: JPMorgan Chase Bank at 867 Wyler Park Drive
• Cleveland: KeyBank at 800 Superior Avenue
• Columbus: KeyBank at 1710 North High Street
• Dayton: Woodforest NB at 3465 York Commons Boulevard
• Mason: Fifth Third Bank at 5100 Terra Firma Drive
• Sandusky: First FS&LA at 207 West Washington Row
• Zanesville: Park NB at 14 South Fifth Street

And that’s just a snapshot. The trend continues, affecting a range of banks from U.S. Bank to PNC Bank and more.

With these closures potentially increasing, it’s worth asking: What do you think about the future of banking in Ohio and beyond? Are these changes making you reconsider your banking habits? Drop your thoughts in the comments below — your input could spark some important conversations about how we handle financial services in our communities.

Stay tuned as we keep an eye on this developing situation and how it might impact you.