Product No.: 24138
Date Published: 01/2024
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Community banks play an important role in local and regional economies. However, since the 1990s, bank mergers and acquisitions have led to a decline in community banks, and the socioeconomic benefits associated with them. Nationally, this trend is referred to as the Great Consolidation, and a regional analysis indicates that the trend is playing out across Greater Philadelphia as well. In fact, between 2012 and 2022, 405 branches closed across the region, representing a closure rate of 22.4 percent. Comparatively, the loss rate for community bank branches during that same period was significantly higher at 49.6 percent. Since corrective legislation is generally beyond the reach of municipal leaders and local influence, this report provides 12 local strategies that can be employed to offset the negative effects of the Great Consolidation. These strategies range from physical realm interventions, such as zoning changes and adaptive reuse policies, to municipal lending programs and bank formation, which aim to increase access to capital.
Geographic Area Covered: Nine-County Greater Philadelphia Area
Key Words: Bank Desert, Community Bank, Community Revitalization, Equitable Economic Development, Entrepreneurialism, Financial Inclusion, FinTech, Great Consolidation, Local, Main Street, Small Business, Unbanked, Workforce Automation
Staff Contact(s)
- Spencer Gober AICP (sgober@dvrpc.org)
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