Experts: Bronx may have fewer banks soon

One result of the whirlwind of activity that has hit Wall Street recently could be that Bronx residents will have fewer banks to choose from.Experts

THE BRONX - One result of the whirlwind of activity that has hit Wall Street recently could be that Bronx residents will have fewer banks to choose from.

Experts say that in the Bronx - which already has the least number of banks in the five boroughs - there will not be as many options because of JPMorgan Chase's recent acquisition of the failed Washington Mutual.

"In communities of color, where the banking access is more scarce, the impact is going to be disproportionately felt," says Deyanira Del Rio, of the Neighborhood Economic Development Advocacy Program.

JPMorgan purchased Washington Mutual in September 2008 following the biggest-ever U.S. bank failure amid deep troubles of the financial sector triggered by the home mortgage meltdown.

AP wire services were used in this report.

advertisement | advertise on News 12

Trending Video

Videos from inside the halls and classrooms of 1 Videos capture violent fights inside M.S. 232
Witnesses say someone tried to snatch a baby 2 Witness: Suspect attempts to abduct baby from stroller
Testimony continued Friday in the departmental trial of 3 NYPD officer who shot, killed BX teen testifies in department trial
Police are searching for a man they say 4 Police: Man stole electric tools worth $650
The Mass, held by the organization Catholic War 5 Special Mass pays tribute to 'forgotten' war veterans

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE