Important Takeaways:

• For example, between November 12th and November 18th, the sixth largest bank in the United States initiated filings to close 19 more local branches…
  • America’s sixth-largest bank, PNC, has confirmed the closure of 19 more branches nationwide, following a staggering 203 branch closures earlier this year. This decision, aligning with the bank’s shift towards digital banking, is raising concerns among customers who prefer traditional banking methods
• During that exact same week, several other prominent banks made similar moves…
  • JPMorgan Chase followed closely with 18 filings—three in Ohio, two each in Connecticut and South Carolina, and one each in 11 states, including New York, Illinois, Florida, and Massachusetts.
  • Citizens Bank came in third with eight branch closure filings—six in New York, and one each in Massachusetts and Delaware. Minneapolis-based U.S. Bank filed for seven closures—three in Tennessee and one each in Missouri, Wisconsin, Ohio, and Illinois.
  • Bank of America made five filings—two in New York and one each in Texas, Massachusetts, and California.
  • Citibank filed for two branch closures, and Sterling, Bremer, First National Bank of Hughes Springs, Windsor FS&LA, and Aroostook County FS&LA made one filing each.
  • Altogether, banks filed to shut down 64 branches.
• Unfortunately, even more trouble is coming for our banks because the real estate industry is a total mess right now.
• Existing home sales have fallen to depressingly low levels, and we just learned that new home sales in the U.S. dropped 5.6 percent last month
• Meanwhile, the commercial real estate crisis just continues to intensify.
  • Just check out these new numbers that were released several days ago by Trepp…
    • The volume of CMBS loans that are classified as delinquent increased by 49.4% during the 10 months through October to $27.91 billion. That volume amounts to 5.07% of the $601.98 billion universe tracked by Trepp. In contrast, delinquencies at the end of last year amounted to 3.03% of the $616.15 billion universe then extant

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