Sunday, February 11, 2007

Too Many Banks

This article is only marginally real estate related, however, it brings up some good points. The article points out the proliferation of bank branches in many downtown areas of NJ. I've noticed this is Red Bank, Chatham, Hoboken, and other "downtown" areas in the state. While I believe banks have the right to put branches anywhere they want in commercial areas, it is frustrating to see them drive out businesses that people actually come downtown to visit. What's the point of having a downtown shopping district if the only things to shop for is mortgages or CD rates?

"To stand at Fort Lee's Main and Schlosser streets is to be in the middle of a gold rush.

Banks from near and far have flocked to that corner in recent years for a share of northern New Jersey's wealth of deposits. One can turn around in a circle and spot branches of national banks, such as Bank of America Corp. and J.P. Morgan Chase, regional players North Fork Bank and 1st Constitution and local start-ups that include Bank of New Jersey and North Jersey Community Bank."

Full article..


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