Another large bank has announced that it will close branches throughout the Empire State.
Overall, national chains fared poorly in 2024 and the first few months of 2025.
Many retail stores have closed as a result of bankruptcy or financial restructuring.
National banking institutions have not been immune to the current economic conditions.TD Bank recently announced that it will close numerous locations throughout New York and the Northeast, adding to the long list of baking institutions that have closed in recent years.
While closings at these locations are certainly concerning, The Street reports that these bank closures are the result of less lending due to higher interest rates. With the advent of online banking and ATM capabilities, customers simply bank differently than they did in the past. There is no longer a need for so many physical branches.
Flagtstar Bank To Close 10 New York Branches
According to The Street, Flagstar Financial, one of the country’s 30 largest banks, announced earlier this year that it would close 60 locations nationwide in order to reduce overall costs.
According to The Street, closings are occurring in three phases, and 28 locations have closed or will cease operation in the near future. The closures include these ten New York branches:
- 3425 Veterans Memorial Highway – Ronkonkoma
- 8622 Bay Parkway – Brooklyn
- 41-11 Bell Boulevard – Bayside
- 720 Grand Boulevard – Deer Park
- 247-53 Jamaica Avenue Bellerose
- 2335 New Hyde Park Road – New Hyde Park
- 97-70 Queens Boulevard – Rego Park
- 134-40 Springfield Boulevard – Springfield Gardens
- 93-22 Jamaica Avenue – Woodhaven
- 4246 Broadway – New York City
- 5770 Hylan Boulevard – Staten Island
- 1214 Castleton Avenue 4 – Staten Island
- 832 Jewett Avenue J – Staten Island
- 31-06 Farrington Street – Whitestone
Which bank it doesn’t say?