Banks in Arizona are closing their locations, leading to concerns about local branches shutting down. Is your nearby branch going to be affected?
Another bank branch in Arizona is slated to close as major financial institutions continue to promote online services to their customers.
Every week, the Office of the Comptroller of the Currency (OCC) releases a list of banks that are set to close, and this list is steadily growing. This week, an additional Arizona branch has been added to the roster.
Zion Bank, located at 2415 South Ave A, Yuma, is among the recent closures. The Arizona banking sector is mainly dominated by four major banks.
According to a report by AZ Central, “Out of the 67 banks that have deposits and operate branches in Arizona, four large ones have a significant presence — J.P. Morgan Chase, Wells Fargo, Bank of Arizona, and Western Alliance.
Together, these four banks hold almost 75% of all deposits in Arizona and operate nearly 500 out of the 1,030 branches in the region. Most of these banks, particularly the bigger ones, have their headquarters in other states.”
Branches in Arizona That Have Closed This Summer:
- Academy Bank at 1607 W. Bethany Home Rd, Phoenix
- PNC Bank at 1802 E Camelback Rd, Phoenix
- PNC Bank at 77 S Val Vista Dr, Gilbert
- Wells Fargo at 1901 S Gilbert Rd, Mesa
- Wells Fargo at 11414 Fortuna Rd, Yuma
- Wells Fargo at 275 N. Tagner, Wickenburg
- Wells Fargo at 3490 Stockton Hill Rd, Kingman
- JP Morgan at 950 N Tyndall Ave, Tucson
- Wells Fargo at 4167 North Scottsdale Rd, Scottsdale
- Wells Fargo at 10733 West Peoria Ave, Sun City
Branches in Arizona That Are Scheduled to Close:
- Bank of America at 1158 East Main St, Mesa
- Wells Fargo at 115 North Grand Ave, Nogales
- Zion Bank at 2415 South Ave A, Yuma
According to CNBC, these closures can lead to “banking deserts,” where communities lack access to banks or credit unions within a 10-mile radius. Studies show that such communities are more likely to resort to non-traditional, high-fee lending options like payday loans and check-cashing services, contributing to financial inequalities and widening the wealth gap.
I will continue to update this list. If you’d like to stay informed about the latest developments, please click the follow button.
Your Perspective:
Are you impacted by these branch closures? Are you considering a shift to online banking? Should physical branches remain open for those who prefer in-person banking? Do you trust your local bank? Are you contemplating switching banks?
Feel free to share your thoughts in the comments below. Also, please share this article on social media and with others to encourage more people to join the conversation.
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