Colorado Banking Exodus Continues with New Branch Closures

Bank Closures Escalate in Colorado: More Branch Shutdowns Revealed

The trend of bank closures in Colorado persists, with three additional locations shutting down this week and two more slated for closure soon.

Closed This Week:

  1. JP Morgan, 2040 South University Blvd, Denver
  2. JP Morgan, 11555 Meridian Market View, Falcon
  3. JP Morgan, 9611 W 58th Ave, Arvada

Listed to Close Soon:

  1. US Bank, 1018 Constitution Rd, Pueblo
  2. First NB Bank of Omaha, 1520 East Mulberry St, Fort Collins

These closures add to an expanding list that includes branches shuttered in recent months:

  1. Wells Fargo, 34237 Highway 6, Edwards
  2. UMB Bank, 1400 Wewatta Street, Suite 103, Denver
  3. US Bank, 34353 Highway 6, Edwards
  4. JP Morgan, 17207 S Golden Rd, Golden
  5. Bank of America, 5077 E Colfax Ave, Aurora
  6. PNC Bank, 7375 Ralston Rd, Arvada
  7. First National Bank, 515 McCaslin Blvd, Louisville
  8. Key Bank, 3600 South Yosemite St, Denver
  9. Huntington NB, 8085 South Chester St, Centennial
  10. Wells Fargo, 359 Main St, Grand Junction

The ongoing closure trend extends beyond Colorado, reflecting a national pattern. Between 2017 and 2021, nearly 7,000 bank branches, constituting nine percent of the total, closed across the United States.

This surge in closures translates to increased travel distances for many, particularly affecting vulnerable and elderly customers.

CNBC notes that this phenomenon contributes to the emergence of “banking deserts,” where communities lack access to a bank or credit union within a 10-mile radius. Studies indicate that such communities are more likely to resort to non-traditional, high-fee lending options like payday loans and check-cashing services, exacerbating financial inequalities and widening the wealth gap.

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