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The U.S. bank filed to close 19 branches in a single week this month.
It is by far the worst bank among the five banks that informed their regulator between March 3 and 9 of their intention to close a total of 25 branches.
Citizens Bank and KeyBank also announced they would each close two branches, including three in Pennsylvania. Axiom and Bank of Hillsboro announced they would close one each.
Most of the U.S. bank closures took place in rural areas: five in Idaho and three in Missouri. The others were in Arkansas, California, Iowa, Illinois, Indiana, Kentucky, Missouri, Montana, Ohio and Wisconsin.
“US Bank’s footprint includes the mountain states of the Midwest and West, with many small towns and wide-open spaces,” said Greg McBride, chief financial analyst at Bankrate.
A US bank has informed its regulator of plans to close some 19 branches in a single week
Pictured is a U.S. Bank in St. Maries, Idaho, that is expected to close, according to a recent bulletin filed by the federal banking regulator.
Greg McBride, chief financial analyst at Bankrate
He added that even in rural areas, banking services are increasingly moving online. Cutting branches can save banks millions each year.
“Even among customers located outside major metropolitan areas, routine transactions continue to migrate out of branches and are carried out digitally,” he said.
The previous week was unusually light in terms of branch closures.
Bank of America informed its regulator, the Office of the Comptroller of the Currency (OCC), that it would close only three.
Steven Reider, founder of Bancography, an Alabama consulting firm that advises banks on branch planning, said retail banking is undergoing “a rural-to-urban conversion.”
Banks are clustering around cities, striving harder to fully dominate these markets.
For example, Chase is moving forcefully into Kansas City, Fifth Third is making similar moves in Charlotte, and PNC is targeting Austin.
So far in 2024, Bank of America and US Bank have been among those cutting branches most aggressively.
In the first two months of the year, DailyMail.com analysis showed that banks requested 222 branches to close.
Bank of America, US Bank and Citizens collectively accounted for almost half.
An average stand-alone bank branch costs about $2.6 million per year. Being able to close them and encourage customers to go online can therefore lead to big savings.
Below are the closures for the last two full weeks for which the OCC has figures: February 25-March 2 and March 3-9.
For branch closures reported for the remainder of this year, click here.
| Bank | City | State | Location |
|---|---|---|---|
| American Bank NA | Sheridan | RA | 101 Oak Street North |
| American Bank NA | Fair Trade Oaks | California | 5450 Dewey Drive |
| American Bank NA | Chariton | AI | 917 Braden Avenue |
| American Bank NA | Chariton | AI | 926 Court Street |
| American Bank NA | Wooded | IDENTIFIER | 4700 North Eagle Road |
| American Bank NA | Saintes Maries | IDENTIFIER | 138 North 8th Street |
| American Bank NA | Rigby | IDENTIFIER | 183 Southern State |
| American Bank NA | Buhl | IDENTIFIER | 819 Principale Street |
| American Bank NA | Rupert | IDENTIFIER | 612 5th Street |
| American Bank NA | New Athens | HE | 1100 Spotsylvania Street |
| American Bank NA | Dillsboro | IN | 12899 Bank Street |
| American Bank NA | Danville | KY | 111 South 4th Street |
| American Bank NA | Salisbury | MO | 218 Broadway South |
| American Bank NA | Eldon | MO | Highway 54 and Aurora |
| American Bank NA | Richmond | MO | 100 Main Street East North |
| American Bank NA | Glendive | TM | 123 West Bell |
| American Bank NA | Cuyahoga Falls | OH | 2226, national road |
| American Bank NA | Proctorville | OH | 7537 County Road |
| American Bank NA | North Fond Du Lac | WI | 718 Wisconsin Avenue |
| Citizens Bank, NA | Levittown | Pennsylvania | 6800 New Falls Road |
| Citizens Bank, NA | Bala Cynwyd | Pennsylvania | 121 East Line Avenue |
| KeyBank NA | Wooded | IDENTIFIER | 6700 State Street West |
| KeyBank NA | Pittsburgh | Pennsylvania | 4934 Second Avenue |
| Axiom Bank, NA | Dwarf palm | FL | 508 East 10th Street |
| Bank of Hillsboro, NA | Édouardville | HE | 2496 Troy Road |
| Bank | City | State | Location |
|---|---|---|---|
| Bank of America, NA | Albuquerque | New Mexico | 4401 Central Avenue NE |
| Bank of America, NA | Austin | Emission | 3900 N Interregional |
| Bank of America, NA | Summit | New Jersey | 367 Springfield Avenue |