New information from the Office of the Comptroller of the Currency (OCC) shows that a big bank will soon shut down all of its stores in Tennessee. U.S. Bancorp, a major American bank headquartered in Minneapolis and incorporated in Delaware, is set to close some of its branches in Tennessee.
It is the fifth biggest bank in the United States and the parent company of the U.S. Bank National Association. This move is part of a larger trend where 42 branches are being closed by seven banks nationwide this week.
This is especially tough for people who prefer in-person banking, as it’s becoming less accessible, especially in lower-income and minority communities. CNBC highlighted that from 2017 to 2021, a third of the bank branch closures happened in areas predominantly lower-income and minority. Ash Jurberg reported that, sadly, three of those branches are in Tennessee.
- 3131 West Hallandale Beach Blvd, Hallandale
- 10191 Cleary Blvd, Plantation
- 113 South Tennessee Ave, Lakeland
- 4901 Tamiami Trail, South Naples
A DailyMail poll found that over half of consumers are worried about the decreasing number of bank branches. Looking back, there were about 8,000 banks in the U.S. in 2000, but by 2022, that number had dropped to half, according to the FDIC. So, it’s clear that the banking landscape is really changing, with a lot fewer physical branches around.
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