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Interesting article in light of notice just received from PNC it is now closing the 71st and Graham Road branch where I’ve banked for decades. Castleton closed years ago. Now, the closest branches are Glendale, or I-69 and 96th. Or Nora.
There’s a branch at Ft. Harrison near 56th and Post Rd. too.
Also the Fifth Third Branch at 71st and Binford Blvd will close February 2025.
Banks have accepted that there is just a certain portion of the customer base they wish to attract that demands branch access and human interaction. They are seeing that when they do this, especially in above the median income suburbs, opportunity exists.
As those that can afford to continue to migrate out of Marion County, or are able to elevate their own game from one donut county to a better one, banks that open or expand strategically located ones will thrive.
In this analysis, the one missing factor in branch closures has been bank consolidation. How many closures were due to bank mergers with branches close to one another, etc. Sometimes when a bank takes over another bank such as Chase getting into the Indy market, this will not lead to wholesale closures but Chase may decide branches are not properly located, etc. However when banks in a regional area combine, there can be wholesale closure of branches.
Chase merged with BankOne; BankOne Indiana was the former American Fletcher. BankOne later merged with the successor to Indiana National (First ChicagoNBD). INB and AFNB were Indy’s two largest banks that were building branches for 100 years, some of which were very near each other on busy corridors; BankOne even was forced to divest a bunch of Indy branches to Regions at the time of the merger.
So by the time Chase hung up their signs on the branches, the “wholesale closure of branches” had already been done by BankOne.