Banks Invade Cities, Offer More Choices

Banks from outside major cities are beginning to invade them. New York City provides an excellent example. With the failure of a number of retail stores, banks have a wide choice of locations. In his article in the New York Times, John Holusha cites the invasion by Commerce Bankcorp, which is headquartered in Cherry Hill, NJ. It found a site vacated by Manufacturers Hanover at Third Avenue and 43rd Street. Its announced operating hours: weekdays, 8 a.m. to 8 p.m., Saturdays, 8 a.m. to 6 p.m., Sundays 11 a.m. to 4:00 p.m. Branches of most existing competitors close on weekdays at 3 p.m. Weekend service is provided by automatic tellers. As a result of mergers over the years, New York has a very low ratio of bank branches to population. A recent study of the ratio of bank branches to population found that New York ranked 21st out of the nation's 25 largest metropolitan areas.