Why Are Banks Opening So Many New Branches In Massachusetts?

CBS Boston

Updated on: June 12, 2025 / 7:01 AM EDT

With money sending apps and online banking easily available, why are so many new bank branches popping up in Massachusetts?

Ever spot a "Space Available for Lease" sign and hope a new café, bookstore or restaurant is coming to town? Excitement builds and then you learn... it's another bank? It seems to be the recent trend in banking and now it's happening in Massachusetts.

In Needham for instance, a town of about 32,000 people, there are nine bank branches. One of the newest is a Chase Bank that replaced a convenience store which had replaced a Friendly's restaurant.

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