OT: Bank construction

[dorndawg]

Why are so many banks being built? Seems like its everywhere, from larger cities to small towns. There are 5 being built currently within a couple miles of me. With the proliferation of online banking, I don't know anyone who goes to the bank very often other than folks with businesses that take cash (and seems like this would be decreasing?).

 

[fedxdog]

With bank consolidation, there should be vacant bank buildings. Commercial real estate took the COVID hit.

 

[dorndawg]

With bank consolidation, there should be vacant bank buildings. Commercial real estate took the COVID hit.

That certainly would have been my guess, but instead the opposite is happening.

 

[Jeffreauxdawg]

They are actually down quite a bit since 2010ish I believe. 85k FDIC insured bank branch locations in 2011 vs 75k in 2020. If you live in a growing suburban area, they are popping up like flies on the vault toilet ZombieKissinger destroyed at Glacier, because they are fighting for your convenience.

https://banks.data.fdic.gov/explore/historical?displayFields=STNAME%2CTOTAL%2CBRANCHES%2CNew_Char&selectedEndDate=2020&selectedReport=CBS&selectedStartDate=1934&selectedStates=0&sortField=YEAR&sortOrder=desc

 

[Mayor of Little London]

Work for a bank and we are building some. In most cases it to put in a more profitable location and a strategic one (consolidate 2 current branches into one new efficient branch).

 

[Xenomorph]

I clicked on this thread looking for some juicy info on the critical angles of repose for various aggregates.

 

[GloryDawg]

Convenience.

 

[kired]

It's really strange. I can count on one hand how many times I've walked into a bank in the last 5 years... maybe even 10 years.

 

[The Peeper]

I never go in one unless its to take out or take back something to the safe deposit box i.e. passport, car titles, etc. and I've even thought about buying my own of those. Otherwise I use the bank apps to make deposits of checks, use direct deposit for payments to me and log in to pay bills online. I seldom even use ATMs, I get cash back from stores when I need that.

 

[johnson86-1]

That certainly would have been my guess, but instead the opposite is happening.

There are probably vacant bank buildings. A lot of commercial property in the US just gradually migrates as older areas fall out of favor. I'm guessing there have been branches abandoned in Jackson as people with means moved to NOrtheast jackson, and then ridgeland, then madison, flowood, etc. Even in cities that aren't quite in Jackson's decline, they still don't stay strong from the center out. If they're lucky, they have some older areas with staying power, but they still have others that decay and become blighted.