Massachusetts continues to feel the effects of both retail and bank closings. We all know that some of our favorite retailers shut down for good last year including Bed, Bath and Beyond along with Christmas Tree Shops. I used to love checking out Bed Bath and Beyond in Pittsfield and making the trip to Holyoke to visit Christmas Tree Shops but those are now memories.

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Banks Also Struggle to Remain Open in Massachusetts

As I alluded to earlier banks are also feeling the unfortunate reality of closures. One of the Big 4 banks, Bank of America recently shut down a few Massachusetts branches. Less than a month ago on February 27 the branch at 125 High Street in Boston along with 250 Granite Street, Braintree branch said goodbye. Then on March 5, the North Reading branch at 172 Park Street shut its doors for good.

Why are Massachusetts Banks Collapsing?

Massachusetts isn't the only state going through the bank collapse trend as banks throughout the country continue to shutter. You may be wondering the reason behind the closures. The short answer according to Integrated Cash Logistics is the increase in mobile banking use, inflation, interest rates, and real-estate struggles all contributed to why 2023 experienced so many banks shutting their doors. The trend that was seen in 2023 continues for 2024.

Another Massachusetts Branch of Bank of America is Set to Close This Tuesday

Another example of the bank collapse trend continuing in 2024 is the fact that this Tuesday, March 12 another Bank of America Massachusetts branch will be closing. The South Dennis branch located at 430 Route 134 will be calling it quits. You can view all of the upcoming Bank of America branch closures by going here.

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