Home US US Bank announces it will shut 19 branches in just one week – is YOUR branch affected?

US Bank announces it will shut 19 branches in just one week – is YOUR branch affected?

by Jack
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A US bank has informed its regulator of plans to close some 19 branches in a single week

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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

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.

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.

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

Greg McBride, chief financial analyst at Bankrate

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 branch closures (March 3 – March 9)
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 branch closures (February 25 – March 2)
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

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