Anne Kadet filed an enlightening (and depressing!) article this past weekend at The Wall Street Journal that explores a question we all ask: Why are there so many *&^%%#&*(#()!!@ bank branches in NYC? (You may find the article here, though you may need a subscription to access it.)
The TD branch at the former Mars Bar space on Second Avenue and East First Street is the jumping off point for the piece, which tells us that, in the past 10 years, "the banking gods" dropped 461 new branches on the city, bringing the total to 1,763. Per the article: New York City has one bank branch for every 4,700 residents, more than twice the national average.
To the article:
The most obvious reason for all the banks in the Big Apple? New York is where the money is. Gobs and gobs of money. According the latest FDIC report, bank branches in the five boroughs hold a collective $850 billion in cash — that's 21% of the nation's deposits.
Of course, a lot of that cash is corporate savings stashed in commercial banks. But even when it comes to consumer cash, New York is hot. The typical retail bank branch holds just $35 million in deposits, which is roughly the break-even point. TD's typical NYC branch, meanwhile, holds $125 million. That pretty much explains why it can outspend the city's mom-and-pop shops when it comes to paying rent.
TD, in particular, is aggressively expanding and opening new branches in the city.
Regional President Chris Giamo, who is in charge of TD's New York operations, tells the Journal about a customer survey that the bank conducted.
[C]ompared to the rest of the nation, New Yorkers are obsessed with branch convenience. While folks in other towns value frivolities like friendly service, New Yorkers more often rank convenient ATMs and branches a top priority. They want locations near their homes, their offices and the offices of their spouses, says Mr. Giamo. They want to see their bank everywhere they go.
From the sound of it, you soon will see a bank branch everywhere.
Previously on EV Grieve:
The former Mars Bar is becoming a fucking bank branch
So where's that fucking bank branch that's taking the former Mars Bar space?
The fucking TD Bank signage arrives at the former home of the Mars Bar
The fucking TD Bank branch is now open on Second Avenue