Home US Bank of America, Chase and Woodforest are among banks closing 51 branches in just three weeks – is YOURS affected?

Bank of America, Chase and Woodforest are among banks closing 51 branches in just three weeks – is YOURS affected?

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Bank of America also closed nine branches in the same period

U.S. banks closed 51 branches nationwide in the first three weeks of June.

The figures suggest that banks are committed to increasingly offering their services online and eliminating costly physical locations.

More than 400 bank branches have closed so far in 2024.

In the weeks of June 2-23, Woodforest National Bank closed the largest number of branches: 29 in total in states such as Ohio, New York and Virginia.

Bank of America also closed nine branches in the same period.

Bank of America also closed nine branches in the same period

Santander, Fulton Bank and Dream First Bank were also among those announcing closures.

New York was the most affected state with eight closures in locations in Manhattan, Albany and Jefferson.

In the same three weeks in June, another 32 bank branches opened, leaving a net total of nineteen closures.

JP Morgan Chase led the opening task and filed notices for thirteen new branches with the federal regulator.

Each week, banks must report branch openings and closings to the Office of the Comptroller of the Currency (OCC).

The last year in which the number of branches in the US increased was 2011, when there were more than 85,000 across the US, according to FDIC data. Since then, the number has steadily decreased to about 70,000.

Most national banks such as US Bank, Bank of America, and Wells Fargo are increasingly confident that online banking can meet the needs of most customers.

Closures can generate significant savings. The average independent branch costs $2.6 million a year to operate, according to Bancography, an Alabama-based consulting firm that advises banks.

Steven Reider, founder and president of Bancography, previously told DailyMail.com that “banks are willing to close a branch that doesn’t actually overlap any other branches in the bet that customers will be willing to go a little further.” “.

“I think Bank of America has leaned into that more than the other big banks,” he added.

Reider also noted that Bank of America’s history of mergers has meant that it ended up with branches in rural locations; however, the industry is undergoing “a rural-to-urban conversion.”

“Every census since 1910 has shown a higher proportion of Americans living in urban areas than the previous census, so as we become an increasingly urbanized country, demand in these legacy rural markets simply fades,” said.

Ultimately, banks are looking to consolidate the markets they are already in, and that means focusing more on dominating a handful of cities.

JP Morgan Chase led the opening campaign and presented an advertisement for thirteen new branches

JP Morgan Chase led the opening campaign and presented an advertisement for thirteen new branches

For example, Chase is moving strongly toward Kansas City, Fifth Third is making similar moves toward Charlotte, and PNC is targeting Austin.

Although the number of bank branch closures began to increase during the 2010s, it was exacerbated by the pandemic, which kept people at home.

In 2023, more than 1,500 bank branches closed permanently, with California and the Midwest hardest hit.

Check out the charts below for the latest closings and links to all of this year’s weekly announcements.

Branch closures (June 2 – June 23)
Bank City State Location
FSB abacus NY NY 116 Nassau Street
Bank of America maricopa Arizona 1961 WEST BASE ROAD
Bank of America NY NY 261 BROADWAY
Bank of America the Angels California 44411 EAST 20TH STREET
Bank of America simpson Kentucky 910 MAIN SOUTH
Bank of America salt lake Utah 5560 WEST 13400 SOUTH
Bank of America Manitowoc Wisconsin 1516 Washington Street
Bank of America Marshall Alabama 1450 N BRINDLEE MTN PKWY
Bank of America Marshall Alabama 11697 US Highway 431
Bank of America montgomery Alabama 10710 CHANTILLY PKWY
broadway dallas Texas 8201 Preston Rd, Suite 715
Dream first bank Hopkins Kentucky 108 S Main Street
Fulton Bank Cuyahoga OH 800 SUPERIOR AVENUE
Fulton Bank NY NY 830 3rd Avenue
JPMorgan Chase Bank Geauga OH 100 CENTER STREET
key bank NY NY 90 5th Avenue
Santander Bank Hartford Connecticut 1040 BOULEVARD
US Bank new shelter Connecticut 1331 BOSTON POST ROAD
US Bank Morton Kansas 212 Washington St.
US Bank San Diego California 9460 SCRANTON ROAD
US Bank Harris Texas 10101 WESTHEIMER ROAD
Wells Fargo Bank jackson EM 3911 BIENVILLE BLVD
NB Forest wells IN 2100 NORTH MAIN STREET
NB Forest hendricks IN 400 NORTHFIELD WEST
NB Forest Santa Maria Maryland 45485 MIRAMAR ROAD
NB Forest montgomery OH 3465 YORK COMMON BOULEVARD
NB Forest Westmoreland Pennsylvania 6700 HOLLYWOOD BOULEVARD
NB Forest franklin OH 5900 BRITTON PARKWAY
NB Forest montgomery OH 7725 HOKE ROAD
NB Forest StaffordEdit Virginia 125 WASHINGTON SQUARE SQUARE
NB Forest Lake ILLINOIS 6590 GRAND AVENUE
NB Forest Anne Arundel Maryland 7081 ARUNDEL MILL CIRCLE
NB Forest madison ILLINOIS 12495 STATE ROUTE 143
NB Forest Leeward Virginia SHOPPING CENTER LANE 468
NB Forest Campbell Kentucky 6711 PIKE ALEXANDRIA
NB Forest davies Kentucky 3151 RD RT 54
NB Forest Morehouse THE 6091 MER ROUGE RD
NB Forest Anne Arundel Maryland 3549 RUSSETT GREEN EAST
NB Forest Kendall ILLINOIS 2000 ORCHARD ROAD
NB Forest Lake OH 6067 NORTH RIDGE ROAD
NB Forest Albany NY 141 WASHINGTON AVE EXT.
NB Forest Albany NY 311 RTE 9W
NB Forest NY NY 345 SOUTH PARK AVENUE
NB Forest Pulaski Virginia 5225 ALEJANDRO ROAD
NB Forest Loudoun Virginia 45415 DULLES CROSSING SQUARE
NB Forest Forsyth NORTH CAROLINA 426 SOUTH STRATFORD RD.
NB Forest Perry IN 730 EAST HIGHWAY 66
NB Forest Martin NORTH CAROLINA 1529 WASHINGTON ROUTE
NB Forest Canadian OK 1330 S. CORNWELL
NB Forest jefferson NY 20823 NY S RT 3
NB Forest Orange Florida 631 SOUTH ORLANDO AVENUE

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