Home US Bank of America, PNC, Citizens and Chase are behind the latest branch closures

Bank of America, PNC, Citizens and Chase are behind the latest branch closures

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Bank of America filed to close two branches, but in a rare turn of events asked to open five
  • Bank of America, PNC and Citizens were among those that closed a total of 10
  • Openings largely eclipsed closings: 26 reported in just one week
  • Scroll down to the chart below for details of all branches closed this year.

U.S. banks notified their regulator about the planned closure of 10 branches in a single week this month.

Among the stores that closed were Bank of America, PNC and Citizens, each of which announced the closure of two stores.

Meanwhile, Chase, Capitol Federal Savings Bank in Kansas, First National Bank of Middle Tennessee and State National Bank of Groom in Texas each reported one in the week of April 14-20.

The closures, published by its regulator, the Office of the Comptroller of the Currency, were planned in California, Texas, Washington DC, New Jersey, Massachusetts, New York, Kansas and Tennessee.

The closures mean customers in the area will have to drive further to another branch or resort to online banking for most services.

It means that banks have announced the closure of more than 300 branches so far in 2024; Check out the boxes below for the latest ones and links to all the others this year.

Bank of America filed to close two branches, but in a rare turn of events asked to open five

Citizens Bank also notified the OCC of two closures between April 14 and April 20.

Citizens Bank also notified the OCC of two closures between April 14 and April 20.

However, this month’s closings were overshadowed by a huge rush of 26 openings, a sign that the current “blood branch bloodbath” may be starting to subside.

Last week, Chase, which has already filed to open more than 50 branches this year, again led the pack in terms of new branches. He notified the OCC of ten vacancies in eight states.

Bank of America, which has a history of primarily closing branches, and Community Bank reported five openings each.

Fifth Third Bank filed to open three locations, and Alerus Financial, Coastal Carolina National Bank and Wintrust Bank each said they would open one.

For years, big banks consistently closed branches at a much faster rate than they opened new ones, with rural and elderly communities hit hardest.

But last month, openings surpassed closings for the first time in months.

This year, Chase revealed it would open 500 branches by 2027, investing billions in cities like Boston, Charlotte, Minneapolis, Philadelphia and the DC area.

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 run, according to Bancography, an Alabama-based consulting firm that advises banks.

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

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Bank branch closures (April 14 – April 20)
Bank City State Location
Bank of America The drawer California 512 Fletcher Parkway
Bank of America dallas Texas 6085 Campbell Road
PNC Bank Washington DC 1348 Fourth Street, NE
PNC Bank Stirling New Jersey 1057 Valley Highway
Citizens Bank Wellesley MOTHER 390 Washington Street
Citizens Bank Glen Oaks NY 257-15 Union Toll Highway
Capitol Federal Savings Bank Lawrence Kansas 4505 W. 6th Street
Middle Tennessee’s First NB nashville Tennessee 33 Music Square West, Unit 110B
JPMorgan Chase dix hills NY 699 old country road
Groom NB Status Yellow Texas 101 Southeast 11th Avenue
Bank branch openings (April 14 – April 20)
Bank City State Location
JPMorgan Chase Westborough MOTHER Turnpike Road and Otis Street
JPMorgan Chase Raleigh NORTH CAROLINA Fayetteville Road and Shady Summit Way
JPMorgan Chase Eugene EITHER West 11th Avenue and Bailey Hill Road
JPMorgan Chase Melissa Texas Sam Rayburn Highway and Washington Dr.
JPMorgan Chase fredericksburg Virginia Monroe Pass Road and Spotsylvania County Parkway
JPMorgan Chase papillon northeast 72nd Street and Peters Parkway
JPMorgan Chase Dover N.H Webb Place and Central Ave
JPMorgan Chase Allentown Pennsylvania Airport road and airport center road
JPMorgan Chase Thrive Texas Dallas Pkwy and Frontier Pkwy
JPMorgan Chase Chesapeake Virginia Greenbrier Parkway and Eden Way North
Bank of America Brooklyn NY 2095 Ralph Avenue
Bank of America maple wood Minnesota 3035 Oso Blanco Avenue N
Bank of America dallas Texas 2408 McKinney Avenue
Bank of America Saint Matthew Kentucky 4621 Shelbyville Road
Bank of America houston Texas 110 S Road Road
community bank Amherst NY 3150 Sheridan Dr.
community bank Buffalo NY 1091 Main Street
community bank rochester NY 804 N Goodman St.
community bank rochester NY 3330 Monroe Avenue.
community bank Webster NY 1900 empire boulevard.
Fifth Third Bank Melbourne Florida 3035 W. New Haven Avenue
Fifth Third Bank chapel hill NORTH CAROLINA 1800 Fordham Blvd.
Fifth Third Bank Greenville SOUTH CAROLINA 3556 Pelham Road
Financial Alerus View of the coast Minnesota 4100 Lexington Ave. N.
Coastal Carolina NB Orangeburg SOUTH CAROLINA 11807 Columbia Highway
WinTrust Bank chicago ILLINOIS 935 W. Armitage Avenue

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