Dec 11, 2024 02:00 PM
Brick-and-mortar bank branches are closing at high rates across the country, due to changing consumer habits, and a national shift in the retail banking industry known as the “Great Consolidation.” As detailed in DVRPC’s recent report, The Great Consolidation: Community Banking Decline in Greater Philadelphia, between 2012 and 2022, 405 branches closed in our region alone. This equated to a loss of 22.4 percent of the region’s bank branches.
This trend has implications for everything from household finances and small business growth, to the future of the workforce.
Join DVRPC and a panel of experts on December 11 as we discuss the Great Consolidation, and how to anticipate and adapt to impacts of the changing retail banking industry.
The panelists are:
- Alaina Barca, Community Development Research Analyst, The Federal Reserve Bank of Philadelphia will discuss her work on defining and mapping the region’s banking deserts.
- Varsovia Fernandez, Chief Executive Officer, PA CDFI Network will share her expertise on the roles that Community Development Financial Institutions (CDFI) play in helping unbanked and underbanked populations access important financial services.
- Karen Sweeney, Executive Vice President, Chief People Officer, TruMark Financial Credit Union will explain what types of skills will be needed in the banking workforce of the future, and the steps that TruMark Financial Credit Union is taking now to plan for that future.
