Chicago-based Urban Partnership Bank, the successor to failed ShoreBank, is closing its Bellwood branch at 219 Mannheim Road in May, and opening a new one in the neighborhood this fall at 4310 St. Charles Road. Get the full story »
Inside these posts: Bank branches
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More bank branches closed, than opened in 2010
From the New York Times | In 2010, for the first time in 15 years, more bank branches closed than opened across the United States. An analysis of government data shows. As banks shut branches in poorer areas, they continued to expand in wealthier ones, despite decades of government regulations requiring financial institutions to meet the credit needs of poor and middle-class neighborhoods. Get the full story>>
ShoreBank successor closing 3 branches
Crain’s Chicago Business | Urban Partnership Bank, the successor to ShoreBank, plans to close branches in the Austin neighborhood, Bellwood and Detroit by mid-May. It intends to open new facilities in those locations at some point.
Bank of America to close some branches
From Bloomberg News | Bank of America Corp., the biggest U.S. lender by assets, will close some retail branches this year and try to boost revenue from remaining locations by offering investment advice by videoconference, a company manager said.
Banks seen pruning branches to stay profitable
U.S. banks’ declining profits and tighter profit margins will push them to close 5,000 branches nationwide within the next 18 months, bank analyst Meredith Whitney said in a research note Monday.
Whitney, CEO of Meredith Whitney Advisory Group LLC, said that reduced consumer and corporate appetite to borrow, mixed with new regulations, have changed what was once a key source of industry profits. Get the full story »
