Kansas City bank deposits grow as branches shrink
According to the Kansas City Business Journal, total banking deposits in Kansas City continued to grow despite the fact that banking activity overall seems to be on a downward trajectory. But that's just not the case in this Midwest city. The Kansas City Business Journal has more:
Kansas City-area deposits grew by $2.78 billion to $45.6 billion as of June 30. That’s up 6.5 percent from $42.83 billion a year ago.
Bob Wray, CEO of Lenexa-based bank consultants The Capital Corporation LLC, said trends in online banking are causing the shrinking of bank branch networks, which require a lot of overhead to maintain.