I live in Rochester, MN which is population ~110k.<p>There are TONS of new construction physical banks being built in town. A small town that is already saturated with existing bank storefronts. Why is this?<p>They are from many different financial institutions, so its not like one institution is growing.<p>Aren't most new banking clients going online? I can't wrap my head around the business case that would exist for a new bank storefront when there are already ton's of them in this small town.
It is a way for banks to directly invest their own money (rather than depositors') in commercial real estate. Manhattan has something similar going on - ridiculous number of bank branches.