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

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.

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.