According to Lagradaonline, Bank branch closures continue to dominate headlines this October, with the end of the month approaching and no signs of slowing down. In just one week, 35 bank locations have been shut down.
Breakdown of Recent Closures
Not all banks participated in this round of branch shutdowns, but US Bank led the way with the most closures, shutting down 11 locations between October 15 and 22. Wells Fargo and Bank of America each closed six branches, while PNC Bank cut five. Other affected banks included Beverly Bank, Citizens Bank, Fidelity Bank, First National Bank of Omaha, Flagstar, and Chase.
California Hit Hardest
California was the state hardest hit in this wave of closures, losing 9 branches in the recent week alone. This adds to the 86 branch closures across the state that had already occurred from January through September.
Rationale Behind the Closures
A spokesperson for US Bank discussed the reasoning behind the closures, stating, “Client banking preferences and behaviors are changing, including a rapid migration toward digital and mobile banking platforms, and a desire for greater simplicity.” They emphasized that as the bank evolves with its clients, it is reevaluating its physical footprint and consolidating branch locations in select markets. Despite the closures, US Bank continues to open and enhance other locations and improve its digital services.
Consumer Reactions to Bank Closures
These branch closures have become increasingly common, with US Bank alone closing 121 locations this year. However, not all customers agree with this trend. Many older citizens struggle with the online banking apps that banks are now using to provide services. Additionally, some transactions can only be completed in person with the assistance of a bank employee.
Trust in Physical Banks
A poll conducted by Self Financial revealed that 39 percent of respondents expressed greater trust in banks with physical branches compared to those without. Furthermore, nearly two-thirds of Americans still rely on physical branches for cash deposits, while over half prefer in-person interactions with advisers.
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Summary of Recent Branch Closures (October 15 – 22)
| Bank | City | Location |
|---|---|---|
| Bank of America | Oceanside, CA | 702 Mission Ave |
| Bank of America | Fort Myers, FL | 8681 Cypress Lake Drive |
| Bank of America | Ormond Beach, FL | 902 South Atlantic Avenue |
| Bank of America | Tampa, FL | 2700 West Dr. Martin L. King Jr. Boulevard |
| Bank of America | Nashville, TN | 969 South Gallatin Road |
| Bank of America | Hendersonville, TN | 451 West Main Street |
| Beverly Bank & Tr Co | Chicago, IL | 1908 West 103rd Street |
| Citizens Bank | Philadelphia, PA | 8345 Ridge Avenue |
| Fidelity Bank | Tulsa, OK | 2222 S. Utica Place |
| First NB of Omaha | Bayard, NE | 302 Main Street |
| Flagstar Bank | Jericho, NY | 336 North Broadway |
| JPMorgan Chase Bank | Las Vegas, NV | 1340 East Flamingo Rd |
| JPMorgan Chase Bank | Houston, TX | 4335 Martin Luther King Blvd., Ste B |
| PNC Bank | Albuquerque, NM | 2444 Louisiana Blvd NE |
| PNC Bank | Bakersfield, CA | 8500 Stockdale Hwy Ste 100 |
| PNC Bank | Albuquerque, NM | 3500 Candelaria Rd NE |
| PNC Bank | Napoleon, OH | 701 N Perry St |
| PNC Bank | Napoleon, OH | 801 N Perry St |
| U.S. Bank | Cobden, IL | 118 S Front St |
| U.S. Bank | Cambridge, OH | 819 Wheeling Avenue |
| U.S. Bank | Blair, NE | 1865 Washington St |
| U.S. Bank | Hopkinsville, KY | 1101 S Main Street |
| U.S. Bank | Pleasanton, CA | 6774 Bernal Avenue, Suite 310 |
| U.S. Bank | Wahpeton, ND | 502 Second Avenue North |
| U.S. Bank | Maquoketa, IA | W Platt & Mckinsey Dr |
| U.S. Bank | San Francisco, CA | 3473 California Street |
| U.S. Bank | Mill Valley, CA | 453 Miller Avenue |
| U.S. Bank | Humboldt, IA | 701 Sumner Ave |
| U.S. Bank | Hayward, CA | 27000 Hesperian Boulevard |
| Wells Fargo Bank | Pasadena, CA | 655 North Fair Oaks Avenue |
| Wells Fargo Bank | Pleasanton, CA | 5798 Stoneridge Mall Road |
| Wells Fargo Bank | Dallas, TX | 5809 E. Lovers Lane |
| Wells Fargo Bank | Hickory, NC | 200 First Ave. Nw |
| Wells Fargo Bank | El Paso, TX | 221 N. Kansas Street |
| Wells Fargo Bank | North Highlands, CA | 7477 Watt Avenue |
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