GREEN BAY, WI (WTAQ) — There’s fear that rural areas in Wisconsin are quickly becoming so-called “banking deserts”.
Sr. Vice President of the Association of Federally Insured Credit Unions Greg Mesack says over 10% of bank branches in the state have closed since the beginning of the pandemic.
“Those banks are a critical part of the community, they’re a critical part of helping small businesses get loans and with cash management,” Mesack told WTAQ. “Having a bank to go to is really, really important.”
Mesack says it’s the result of large banking chains buying smaller rural banks and closing up branches in lower-volume areas.
“If the bank doesn’t want to serve the area, let a credit union serve the area,” Mesack said. “We have to change some rules and laws here and there to make it easier for credit unions, but we also have to ask these banks ‘if you buy this bank, are you going to close their branches’.”
In the Green Bay area alone, 16 bank branches have closed since 2017.
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