Bank-branch boom skirts inner city

August 17, 2009
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Itâ??s no secret banks are tossing up branches left and right. IBJ reported last month that banks consider branches as billboards to lure new customers, even while bank transactions move online.

A new Associated Press analysis shows the boom is nationwide. In the past five years, banks have added 10,000 branches to bring the total to 99,000.

Moreover, the flurry of construction has targeted predominantly white, affluent suburbs rather than inner cities. Banks followed the rooftops as the boom in home construction pushed sprawl ever outward.

As a result, residents of inner cities have been forced to rely on non-bank institutions to cash checks and pay utility bills. Sometimes they also resort to payday lenders.

Banks  for the most part didnâ??t violate Community Reinvestment Act standards, the analysis showed.

How do you feel about the rush to the suburbs? Should the institutions be faulted for not putting more resources into inner cities?
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  • I don't think that the banks should be faulted for not putting more resources into the inner cities, I think that EVERYBODY should. From grocers, retail, clothing stores and most importantly the people that have turned a cheek on inner city areas around the country. Indianapoils and the country at large need to priortize on a way to reinvest not only in the core of cities, but in the surrounding areas as well.
  • It would be nice if Bank One had one branch with a drive through on the southside of downtown. I'm having to drive to Garfield Park to make the company deposit.
  • Uhm... Bank One hasn't had any branches since early 2000s. I think you may be referring to Chase. And drive thru banks in downtown Indianapolis? That's repulsive.
  • KeyBank is building a branch (with a drive thru on the south side of the building) at 9th and Meridian. The branch will open in March of 2010.
  • Yeah, I'm glad Key decided to remodel the old building instead of tearing it down to build something more suburban.
  • Perhaps if the black ministers association would get off their high horse about too many blacks being imprisoned plus their influencing the early and often undue release of criminals, people wouldn't be so hurried to flee certain inner city areas.

    If you commit the crime, you should do the time, regardless of your color.
  • Speaking of Meridian Street near 9th, what is MSDKT building there? Is that their new HQ?
  • The cure for the inner city is high gas prices... which will return.
  • For a little perspective: Indianapolis is doing comparatively well compared to other cities in terms of the effects of suburbanization. The city's population continues to climb (at least in the most recent data I've seen) while many other Midwestern cities continue to shrink.

    We've seen examples of cities abandoned by its foundational institutions (Detroit and St. Louis are two examples). I think...I think...the city of Indianapolis and its suburbs might be smart enough to understand that the suburbs need a healthy city.

    The danger is that cities and suburbs will see each other as parasitic. I've read that much money made in the city then moves to the suburbs, which is a real problem. Similarl.ly , suburbanites complain about paying for services in the city they may or may not use. We have to work together for a common good, which we don't always do well in this country.
  • They go where the money is, which is not in the inner city areas. The Downtown Core is one thing, but Inner City is another and if the Money isn't there, neither is the bank.

    And did someone say the cure for the inner city is high gas prices... WHAT? The people who are hit hardest by high gas are the people who can least afford it. While I am a huge supporter of the Alternative Energy movement, there is little to no benefit to anybody (outside of OPEC and Exxon) for high gas prices and certainly not the 'inner city'.

    This isn't about equality or access to banking or whatever, it is about Banks seeking out their customers (aka: those with the money to put in their banks). Pretty simple really.
  • CreamCrimson, the cure for the inner city is high gas prices...because high gas prices will most likely lead some people to trade a commute from the far suburbs for living in a city neighborhood where it's a 10 or 15 minute ride to downtown by bike, bus, or car.

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  1. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

  2. I'm sorry, but you are flat out wrong. There are few tracks in the world with the history of IMS and probably NO OTHER as widely known and recognized. I don't care what you think about the stat of Indy Car racing, these are pretty hard things to dispute.

  3. Also wondering if there is an update on the Brockway Pub-Danny Boy restaurant/taproom that was planned for the village as well?

  4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

  5. Look at the bright side. With the new Lowe's call center, that means 1000 jobs at $10 bucks an hour. IMS has to be drooling over all that disposable income. If those employees can save all their extra money after bills, in five years they can go to the race LIVE. Can you say attendance boost?

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