{"id":189139,"date":"2010-01-16T22:13:58","date_gmt":"2010-01-17T03:13:58","guid":{"rendered":"http:\/\/chicagopressrelease.com\/press-releases\/chicago-tops-in-supermarket-banking"},"modified":"2010-01-16T22:13:58","modified_gmt":"2010-01-17T03:13:58","slug":"chicago-tops-in-supermarket-banking","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/189139","title":{"rendered":"Chicago tops in supermarket banking"},"content":{"rendered":"
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Chicago is a leader in trading exchanges, hamburgers and … bank branches in supermarkets.<\/i><\/p>\n

\nThat’s right, the Second City leads the nation in bank branches in supermarkets and other retail establishments, with 353 as of Jan. 15, according to a new study.<\/p>\n

\nMoreover, in-store networks in the Chicago area are holding up better than those in many other U.S. cities, as the alternative banking segment undergoes its first shakeout in years.<\/p>\n

\nNationally, the number of in-store branches has fallen to 6,747, down from 6,885 as of June and 6,832 in June 2008, according to SNL Financial, a Charlottesville, Va.-based cruncher of financial industry data.<\/p>\n

\n“We’ve seen a decrease of 138 U.S. in-store branches, and if this trend continues, we’ll see the first year-over-year decrease since 2002,” said SNL analyst Adrian Goffinet.<\/p>\n

\nGrocery store saturation, and consolidation in some instances, might be playing a part in the slip in in-store branches, said David Kerstein, president of Austin, Texas-based Peak Performance Consulting Group, which advises the banking industry.<\/p>\n

\n“There just aren’t that many more places to expand that are good prospects that banks haven’t already taken,” he said.<\/p>\n

\nBut the Chicago market is dropping at lesser rate, SNL found. Chicago’s 353 in-store branches are down only two from June and up from 351 in-store branches in June 2008.<\/p>\n

\nKerstein has several theories on why Chicago is a relative hotbed of in-store banking.<\/p>\n

\nFirst, the banking industry in the Chicago metro area is more fragmented, with 293 lenders vying for business in every nook and cranny. That compares with 174 banking institutions in metro Los Angeles and 244 in metro New York, according to figures from the Federal Deposit Insurance Corp. Thirty-seven banks in the Chicago area have at least one in-store branch.<\/p>\n

\nSecond, Chicago is a major market for Wayzata, Minn.-based TCF Financial, which accounts for about 45 percent of the area’s in-store branches.<\/p>\n

\n U.S. Bancorp<\/a> of Minneapolis ranks first nationally in the number of in-store branches and fourth in the Chicago area, with 16 as of June, up one from June 2008. Most of its Chicago-area in-store branches are in Meijer and Dominick‘<\/b>s.<\/p>\n

\nNationally, it has about 730 in-store branches and typically adds 40 to 50 a year.<\/p>\n

\n“We’ll do the same in 2010,” said Chuck Stroup, U.S. Bank’s executive vice president of in-store banking.<\/p>\n

\nIt plans to add four in-store branches in the Chicago area this year.<\/p>\n

\nU.S. Bancorp also plans to add one additional “on-site” branch in a corporate or university campus, hospital or racetrack in the Chicago area. It has a branch on the campus of Northwestern University<\/a>.<\/p>\n

\n“We have about 60 locations nationally on university and workplace campuses, and expect to do 10 to 15 more each year,” Stroup said.<\/p>\n

\nU.S. Bank manages in-store and on-site branches separately from traditional stand-alone branches.<\/p>\n

\n“Our mantra is it’s 50 percent the same as traditional branch banking and 50 percent different,” Stroup said.<\/p>\n

\n“The difference is you’re inside a grocery store or a university campus or a workplace campus that allows you to be proactive in a way that a traditional branch wouldn’t. So we employ different marketing tactics, offer different promotions, pricingwise, from what traditional branches do, because we have access to host partners’ traffic.”<\/p>\n<\/p>\n<\/div>\n<\/div>\n

Read the original article from WGN Radio Chicago<\/a>.<\/p>\n

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<\/p>\n","protected":false},"excerpt":{"rendered":"

Chicago is a leader in trading exchanges, hamburgers and … bank branches in supermarkets. That’s right, the Second City leads the nation in bank branches in supermarkets and other retail establishments, with 353 as of Jan. 15, according to a new study. Moreover, in-store networks in the Chicago area are holding up better than those […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-189139","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/189139","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=189139"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/189139\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=189139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=189139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=189139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}