American banks have announced the closure 30 more branches across the United States, all in just one week.
Wells Fargo said it will close nine branches, more than any other bank, in its latest weekly closures report, which covers July 7-13.
Bank of America and US Bank said they will close eight branches each, while Chase will close one.
The others are from FSNB, Greenville Fed, Huntington and Schaumburg Bank & Trust Co.
Ohio was the hardest hit state, losing four spots in the week, followed by California, which lost three. Scroll down for full list with addresses..
Wells Fargo closed nine branches the week of July 7-13
The closures were reported to the Office of the Comptroller of the Currency (OCC), which reports the figures in a weekly bulletin.
The closures represent a trend as major banks move away from costly physical branches in favor of online services.
“Most Americans, from Gen Z to baby boomers, have less need for a traditional bank, which may explain the increasing number of brick-and-mortar branches that have been closing over the past year,” Andrew Murray, principal data researcher at GOBankingRates, told DailyMail.com.
TO Recent GOBankingRates Survey They found that even retirees prefer online banking to in-branch services.
Overall, 78 percent of Americans prefer to use mobile and online banking and nearly one in four did not visit their bank in the past year.
“Our survey of more than 1,000 adults clearly shows that demand for in-person banking services is low across all generations, including among baby boomers age 65 and older,” Murray said.
‘Overhead costs (rent, maintenance, supplies and staff salaries) are likely to be a major factor, especially considering our survey shows how infrequently people visit physical banks.’
In fact, closures can result in significant savings, as operating a stand-alone bank branch costs on average about $2.6 million a year.
US banks closed 539 branches in the first six months of the year
Bank of America closed eight branches in the same week
The most affected state was California which recorded 72 national bank closures in the first half of the year.
New York ranked second with 51 closures, followed by Pennsylvania with 40.
“Over the past few years, we have resized our branch network and may continue to combine two older existing branches into one better-located location,” Wells Fargo told DailyMail.com in a statement.
“Doing so does not diminish the importance of our customers or the communities we serve.”
Bank of America also said they tend to consolidate two branches into one when there is a closure.
“These changes to our branch network reflect the fact that our customers are increasingly using digital banking for their everyday financial needs and are turning to financial centers for more important needs or to have conversations about their finances,” the corporation explained.
The US bank also highlighted customer migration to online banking and a “desire for greater simplicity” as reasons for its mass closures.
“As we evolve alongside our customers, we are re-evaluating our physical presence and, in some cases, consolidating branches in select markets,” the bank said in a statement.
Bank | City | State | Location |
---|---|---|---|
Bank of America | KEARNY | New Jersey | 240 KEARNY AVENUE |
Bank of America | WILD WOOD | month | 2412 TAYLOR ROAD |
Bank of America | Stockton | California | 10834 TRINITY PARKWAY |
Bank of America | ANTHEM | Arizona | 39518 NORTH GAVILAN PEAK PARKWAY |
Bank of America | STICK HEIGHTS | ILLINOIS | 12145 South Harlem Avenue |
Bank of America | Albany | NY | 1450 WEST AVENUE |
Bank of America | TULALIP | Washington | 8815 QUIL YIELD BOULEVARD |
Bank of America | MEMPHIS | Tennessee | 2731 UNION AVE EXPANDED |
Federal Reserve Bank | LOVE AND JOY | Georgia | 11465 Tara Boulevard. |
Greenville Federal Reserve Bank | Greenville | OH | Lease Road 200 |
Huntington | INDIANAPOLIS | IN | 6020 EAST 82ND STREET |
JPMorgan Chase Bank | BELLEVUE | Washington | 1320 156TH AVENUE NE |
Schaumburg Bank & Trust Co. | SCHAUMBURG | ILLINOIS | 350 West Schaumburg Highway |
United States Bank | PIQUE | OH | 200 North College Street |
United States Bank | HIGGINSVILLE | month | 19 AND MAIN |
United States Bank | MITCHEL | South Dakota | 1421 NORTH MAIN |
United States Bank | Pine River | Minnesota | HIGHWAY 371-POSTAL BOX 46 |
United States Bank | NORTH KINGSVILLE | OH | 6269 SOUTH MAIN |
United States Bank | Small waterfalls | Minnesota | 119 2nd Street NE |
United States Bank | Pedro | South Dakota | 604 EAST SIOUX AVENUE |
United States Bank | RUSSIA | OH | 217 W MAIN |
Wells Fargo Bank | COLUMBIA | SOUTH CAROLINA | 1441 MAIN STREET |
Wells Fargo Bank | The drawer | California | 13465 CANADA ROAD |
Wells Fargo Bank | Miami beach | Florida | 1901 ALTON ROAD |
Wells Fargo Bank | LAWRENCEVILLE | Georgia | 1062 OLD PEACHTREE ROAD NO |
Wells Fargo Bank | Greensboro | NORTH CAROLINA | 300 NORTH GREENE STREET |
Wells Fargo Bank | MATTHEW | NORTH CAROLINA | 15030 IDLEWILD ROAD |
Wells Fargo Bank | KING’S NAVY | California | 13455 MAXELLA AVENUE |
Wells Fargo Bank | ELENA | MOUNTAIN | 415 FULLER AVENUE |
Wells Fargo Bank | PORTLAND | Roof tiles | 1031 HIGHWAY 181 NORTH |